Applebee's
Wichita Falls, TX | Strategic Location | Excellent Access/Visibility
Marketing description
Northmarq, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% single-tenant retail property Applebee’s, located in Wichita Falls, TX. The property is ideally positioned with excellent access and visibility along one of the area’s most traveled interior thoroughfares, Kemp Boulevard (Traffic Count: 29K+ VPD), less than 1 mile from the on-ramp to US-277 (Traffic Count: 59K+ VPD). The property is also within Wichita Falls’ dominant retail and commercial corridor with 6.5 MSF of retail, 2.1 MSF of office, 840K SF of industrial and 5,151 multifamily units within a 3-mile radius.
The property sits on 1.3 acres and encompasses a 5,502 sq ft building and 98 parking spaces. Applebee’s has ±6 years of primary lease term remaining with annual rent increases throughout the term and in each of the four 5-year renewal options. Additionally, the lease features an attractive absolute net lease structure with no landlord responsibility.
Applebee’s operates the largest casual-dining chain with more than 1,500 of its signature Applebee’s Neighborhood Grill & Bar locations across the U.S. and in 11 other countries. Its eateries are primarily freestanding units and sport interiors festooned with local memorabilia to give each location an indigenous feel. About 99% of Applebee’s locations are franchised. Applebee’s is owned by casual and family dining operator Dine Brands Global, who also owns IHOP and Fuzzy's Taco Shop.
RMH Franchise Corporation was the 2nd largest Applebee's franchisee with 131+ locations. In November of 2021, RMH was acquired by Sun Holdings. Sun Holdings was founded in 1997. The company provides world-class management services to the ownership teams of some of America’s most popular restaurants. The businesses serviced include over a thousand Applebee’s, Arby's, Burger King, Freebirds World Burrito, Golden Corral, IHOP, McAlister’s, Papa John’s, Popeyes, and Taco Bueno locations in 27 states. The collective portfolio of restaurants that Sun supports makes up the 2nd largest franchisee organization in the U.S. according to the Mega 99 2024 rankings.
Investment highlights
Sun Holdings: Services over a thousand Applebee's, Arby's, Burger King, IHOP, Popeyes and many other brands across 27 states.
Absolute Net Lease: 20-year absolute net lease with ±6 years of primary lease term remaining - No Landlord responsibilities.
Attractive Rent Escalations: Annual rent increases equal to the lesser of 1.50% or 1.25 times the change in the CPI.
Dynamic Demographics: Population of 59,149 and an average household income of $91,630 within a 3-mile radius.
Excellent Access/Visibility: The property is ideally positioned with excellent access and visibility along one of the area’s most traveled interior thoroughfares, Kemp Boulevard (Traffic Count: 29,040 VPD), less than 1 mile from the on-ramp to US-277 (Traffic Count: 59,408 VPD).
Strategic Location: Applebee’s is also adjacent to Union Square Credit Union and is an outparcel of Parker Square, a 141,013-square-foot shopping center that is anchored by Cinemark Theatres and Gold’s Gym.
Dominant Retail & Commercial Corridor: Other major retailers within the immediate vicinity include McDonald’s, Dairy Queen, Sonic Drive-In, Sherwin-Williams, AutoZone, Lowe’s Home Improvement, Home Depot, Sam’s Club, Walmart Supercenter, Michaels, PetSmart, Office Depot, ALDI, Kohl’s and TJ Maxx among many others.
Wichita Falls, TX Market: The city is home to the Sheppard Air Force Base (10,000+ Permanent Employees) and features a thriving economy revolving mainly around retail trade, manufacturing and oil and gas production.
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