New Hyde Park, NY Sovereign Realty Group LLC and Silber Investment Properties Ltd have arranged the sale of a free-standing Applebee’s located at 1985 Jericho Tpke., at the corner of Leonard Blvd. for $4.165 million.
The property is 5,464 s/f on 1.47 acres and has been triple net leased to Applebees since 1995. The selling price represented a 5% cap rate.
Clem Coté of Sovereign Realty Group represented the seller, BLIMA LLC. The buyer, Lighthouse Commons LLC was represented by Adam Silber and Chinho Park of Silber Investment Properties.