Investor pays $4M for Venice IHOP

BUYER: Howling Wolf Realty LLC (manager: Steven Newman), Long Island City, N.Y.
SELLER: Scullin Real Estate VII LLC
PROPERTY: 4369 S. Tamiami Trail, Venice
PRICE: $4.08 million
PREVIOUS PRICE: $2.64 million, October 2008
LAW FIRM ON DEED: Fidelity National Title Co., San Diego

PLANS, DESCRIPTION:
Long Island City, N.Y., real estate investor Steven Newman purchased a 4,985-square-foot restaurant building for $4.08 million.

The price equated to $817.8 per square foot.

Built in 1999, the restaurant is leased to IHOP franchisee Sunshine Restaurant Partners, which owns more than 150 restaurants in Florida and Georgia. The lease, which has 13.5
years remaining, obligates the tenant to pay for the property's taxes and insurance and maintain the building.

The sale is one of the largest ever for a full-service restaurant in Sarasota County.

The purchase price equated to a payoff ratio based on current income (capitalization rate) of 4.95%.

Ted Dowding of Pacific Coast Commercial was the seller's agent, and James Bilski, managing director of Alliance Real Estate Corp. in New York City, was the buyer's agent.