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BUYER: Miri I LLC (principal: Judith Herman), Miami Beach
SELLER: IHOP DM LLC
PROPERTY: 802 S. Dale Mabry Highway, Tampa
PRICE: $1.55 million
PREVIOUS PRICE: $210,000, January 2007
BUYER: JTS Tampa Holdings LLC (principals: Terri and Jeffrey Sonn), Miami
SELLER: IHOP TT LLC
PROPERTY: 3501 E. Busch Blvd., Tampa
PRICE: $1.29 million
PREVIOUS PRICE: $210,000, January 2007
LAW FIRM ON DEED: Hinshaw & Culbertson LLP, Fort Lauderdale
PLANS, DESCRIPTION: Two Miami area investors purchased IHOP restaurant buildings leased to Sunshine Restaurant Partners. Judith Herman of Miami Beach purchased a 2,041-square-foot IHOP on Dale Mabry Highway for $1.55 million, equal to $761 per square foot. Terri and Jeffrey Sonn of Miami purchased a 2,122-square-foot IHOP near Busch Gardens for $1.29 million, equal to $607 per square foot.
The two buildings were built in the late '60s, but have since been renovated multiple times. Sunshine Restaurant Partners, which operates IHOP restaurant franchises in Florida and Georgia, is responsible for maintaining the buildings and associated taxes and fees.
Brian Rosen of Marcus & Millichap's Fort Lauderdale office represented the seller. Paul Nudelman of Marcus & Millichap's Miami office represented the buyer of the Busch Gardens IHOP, and Gabriel Britti, also of Marcus & Millichap's Miami office, represented the Dale Mabry IHOP buyer.
“The leases were redone with Sunshine Partners in 2008,” Rosen says. “It changed the terms from a small base rent with a percentage of sales to a larger base rent with a smaller percentage of sales. It serves as a great hedge against inflation. There's an increase if the cost for commodities likes eggs goes up.”
The Sonns' purchase entity, JTS Tampa Holdings LLC, mortgaged the Busch Garden IHOP to BankUnited for $643,750.
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