PHOENIX, ARIZONA (Oct. 18, 2021) – 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 the tenant in a long-term NNN lease.
The 4,079 SF, 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 a 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.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to more than 300 offices worldwide. For more information visit www.naihorizon.com.
About NAI Global
Advisory Services, Leasing, Property Management, Property & Note Sales and Tenant Representation
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices in 43 countries strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions and a gross revenue of $1.5 billion.
NAI Global professionals achieve extraordinary results for clients locally and globally through creativity, collaboration and the consistent delivery of exceptional knowledge and service that only market-leading firms can provide. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more visit www.naiglobal.com.