Investment Overview

Marcus & Millichap is pleased to present Applebee’s Neighborhood Grill & Bar, a single tenant restaurant located at 3700 Pine Grove Rd in Fort Gratiot Township, Michigan. The property is situated on a 1.38-acre lot with approximately 200 feet of road frontage and ample parking. TSFR Apple Venture LLC is prepared to execute a brand new 10-year lease at the close of escrow on Absolute Net terms. There will be 10 percent rent escalations every five years and in each four five-year renewal option. TEAM Schostak Family Restaurants (TSFR) is a 61 unit operator. This location is a top performing restaurant for TSFR (rent-to-sales ratio: 4.28 percent). Applebee’s is one of the world’s largest casual dining brands. The Applebee’s franchise operations consist of 1,642 restaurants in the United States, two U.S. territories, and 11 countries outside of the United States. The franchise is a subsidiary of Dine Brands Global, Inc. (NYSE: DIN), which is one of the world’s largest full-service restaurant companies. TEAM Schostak Family Restaurants (TSFR) is based in Livonia, Michigan and is a family owned franchise operator. TSFR has an expansive portfolio of over 150 casual dining, family dining, fast casual, and quick service restaurants throughout Michigan. TSFR operates 61 Applebee’s restaurants, along with MOD Pizza (12 locations), Olga’s Kitchen (24 locations), and Wendy’s (55 locations). The subject property is well positioned on M-25 / Pine Grove Road (30,580 VPD) within Fort Gratiot’s retail corridor. Nearby retailers include Kroger, Target, Lowe’s, Home Depot, Meijer, Kohl’s, and many others. The area benefits from a dense retail market with 8.1 million square feet of retail in a five-mile radius with a 94.9 percent occupancy rate. There are over 53,000 full-time residents with an average household income of nearly $75,000 per year within five miles of the asset. Applebee’s is within two miles of the Blue Water Bridge, the fourth busiest U.S. / Canada crossing. In 2022, the bridge experienced approximately 3.9 million vehicle crossings. The property is also 2.5 miles away from McLaren Port Huron, a 186-bed non-profit hospital.