PHOENIX, ARIZONA – NAI Horizon’s Investment Services Group represented the buyer in the $4.316 million purchase of a restaurant occupied by International House of Pancakes (IHOP) as tenant in a long-term NNN lease.
The 4,079-square-foot, single-tenant, IHOP restaurant property is located at 2624 W. Memorial Road in Oklahoma City, Oklahoma, by Quail Springs Mall fronting John Kilpatrick Turnpike at North May Avenue.
NAI Horizon Executive Vice President Lane Neville, Senior Associate Logan Crum and Agent Cole Neville represented the buyer finalizing a 1031 Tax Deferred Exchange. The seller was represented by Cushman & Wakefield (Scott Crowle, Michael Yuras and McKenney Houck).
“The IHOP is a great cash-flowing asset, located in a very nice area of Oklahoma City. The property has excellent visibility and easy access to multiple highways. Strong demographics and heavy vehicular traffic have supported this location since 2000,” Lane Neville said. “The Quail Springs Mall anchors a regional collection of commercial uses, 176,000 people reside within 5-mile radius of IHOP. Area uses include big box retailers, national hotel brands, high-end office, luxury apartments, regional hospital and medical services.”
The NAI Horizon Investment Services Group specializes in the sale and valuation of retail and office properties in Phoenix MSA and throughout the Southwest U.S.