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IHOP - Corporate Absolute Net Lease 770 Kidder St
3,985 SF Retail Building Wilkes Barre, PA 18702 $2,750,000 ($690/SF) 5.75% Cap Rate
Investment Highlights
- Corporate lease with IHOP and guarantee from Dine Brands Global, Inc.
- 13+ years remaining on the lease term
- IHOP is located across from the Wyoming Valley Mall, a +/-910,000 SF regional mall
- Absolute net expense structure; no landlord responsibilities
- 10% rent increases every five years, including the option periods
- Significant drawing power from the VA Medical Center, Mohegan Sun Arena, and Mohegan Sun Pocono Casino
Executive Summary
property is a single-tenant restaurant building located across from the Wyoming Valley Mall. The property was constructed as a build-to-suit for
IHOP in 2018 and has just over 13 years remaining on the term. The lease has an absolute net expense basis with 10% rent increases every five
years.
The property has a corporate lease with IHOP Leasing, LLC, and is guaranteed by Dine Brands Global, Inc. The guarantor operates more than
3,500 restaurants worldwide, making it one of the largest casual dining restaurants operators in the world. The company owns and operates
IHOP, Applebee's, and Fuzzy's Tacos restaurants. Dine Brands had revenue of $831 million and net income of $97 million in 2023.
The building is located in a major commercial node that is developed with several large shopping centers. The Wyoming Valley Mall is located
across the street. This mall is anchored by Macy’s, JCPenney, Ashley Homestore, and H&M. National retailers in the immediate area also include
Walmart, Target, Sam’s Club, Home Depot, Lowe’s, Kohls, Burlington, Bed Bath & Beyond, Michaels, Marshalls, Ross, TJ Maxx, Dick’s Sporting
Goods, Petco, and PetSmart.
Property Facts
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Accommodation and Food Services
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
Since 1958, IHOP® has been the place where people connect over breakfast, enjoy study breaks, grab a bite before or after sporting events, and so much more. And no matter what menu items they order, there’s one ingredient that’s always constant — a smile. They've seen millions of smiles over the years in their restaurants, and now shared in photos across their social properties. In fact, smiles are so much a part of their culture that they changed their logo to include one. This is just one of the many fun and exciting changes you can expect from IHOP®. Because they know the shortest distance between two people is a smile. For more than 63 years, IHOP has been a leader, innovator and expert in all things breakfast, any time of day. The chain offers 65 different signature, fresh, made-to-order breakfast options, a wide selection of popular lunch and dinner items, including Ultimate Steakburgers.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 73-H10NE3-002-08C-000 | Improvements Assessment | $1,178,400 |
| Land Assessment | $487,800 | Total Assessment | $1,666,200 |
PROPERTY TAXES
Presented by
IHOP - Corporate Absolute Net Lease | 770 Kidder St
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