IHOP franchisee buys second Naples location
BUYER: Sunshine Realty Partners LP (Sunshine Restaurant Holdings LLC), Atlanta
SELLER: Cappy Realty LLC
PROPERTY: 6631 Dudley Drive, Naples
PRICE: $1.1 million
PREVIOUS PRICE: $2.1 million, July 2003
LAW FIRM ON DEED: McGuireWoods LLP, Atlanta
PLANS, DESCRIPTION: Sunshine Restaurant Partners, an IHOP franchisee for Florida and Georgia, purchased a 4,050-square-foot former IHOP restaurant building near the intersection of Pine Ridge Road and Whippoorwill Lane for $1.1 million. The purchase price equated to $272 per square foot of building space.
First opened in 1990 as a sports bar, the buildings was operated as an IHOP by another franchisee until it was closed in September of 2008.
“We elected to buy it and open it as a company store,” says Ian Allen, director of real estate for Sunshine Restaurant Partners. “We like that market. Just because that franchisee couldn't operate it successfully doesn't mean we can't. We're planning to make a significant number of renovations. The interior is being fully remodeled; we're gutting it...We already redid the exterior, adding stone.”
The new owner has hired Daniel Builders Corp. of Miami as the general contractor for the improvements.
The Dudley Drive restaurant will be Sunshine Restaurant Partners' second IHOP in Naples.
In 2007, Sunshine Restaurant Partners purchased the restaurant assets, operations and development rights to IHOP throughout Florida and a portion of Georgia from FMS Management Systems.