MIAMI (July 25, 2019)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, has brokered the sale of a property with a 7,000 square-foot building occupied by Applebee’s at 3895 Hacks Cross Rd. in Memphis, TN. Chang, Inc. acquired the property from Hacks Cross, LLC. for $1.625 million. TREIS President Adam J. Tiktin and Investment Associate Alejandro Snyder represented the seller in this transaction. Closing took place July 9, 2019.
Constructed in 2014, the building is situated on a 1.4-acre site near the FedEx World Headquarters corporate office and conveniently located off the Bill Morris Parkway heading into downtown Memphis.
Applebee’s originally had a 10-year ground lease. At the close of escrow, the seller exercised two of its options to extend, which will guarantee the lease through June 2034. The lease will provide for zero landlord responsibilities, 10 percent increases every 5 years, and four five-year options.
For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.TiktinRealEstate.com.
About Tiktin Real Estate Services
Tiktin Real Estate Investment Services (TREIS) is a South Florida-based commercial real estate investment sales brokerage firm specializing in the sale of shopping centers and office buildings in Florida and single-tenant net lease properties nationally. Founded in 2001 by industry veteran Adam J. Tiktin, TREIS is committed to a higher level of service and an unmatched standard of integrity. The investment sales firm is distinguished by its personalized approach, transactional expertise, comprehensive market analysis and aggressive strategies. www.tiktinrealestate.com.