4488 Potomac Ave
Grandville, MI 49418

Marcus & Millichap is proud to offer for sale an absolute NNN leased Applebee’s in Grandville, Michigan. The lease was originally signed in 2009 and expires in June of 2028. The lease includes 10% rent bumps every five years moving forward (current pricing is based upon the rent bump set to occur in June 2018 and there is another rent bump scheduled for 2023).The site was last remodeled to Applebee’s new look in 2013 with an estimated cost of $275,000. The restaurant is franchisee operated and the lease is guaranteed by Team Schostak Family Restaurants who operates more than 60 Applebee’s in Michigan. Team Schostak also operates several other brands including Del Taco, MOD Pizza and Olga’s Kitchen. The site is ideally located just off Rivertown Parkway on a hard corner at a signalized intersection. Directly across Rivertown Parkway is the RiverTown Crossings Mall (a super-regional mall, more info below). Other big box national retailers in the immediate area include Meijer, Target, Cabela’s, Home Depot, Best Buy, and Costco. Restaurants located near the Applebee’s include Red Robin, Olive Garden, Red Lobster, McDonald’s, Chipotle, Starbucks, and many more. The City of Grandville is nestled along the shores of the Grand River in the Southwestern side of Kent County, approximately 8 miles southwest of Grand Rapids. The City of Grandville encompasses an area of approximately 8 square miles. Its estimated population in 2016 was 16,002. Grandville is home to RiverTown Crossings Mall, a two-story enclosed super-regional shopping mall. Opened in 1999, the mall has seven anchors: Sears, Macy's, Kohl's, Younkers, JCPenney, Dick's Sporting Goods and Celebration Cinema. The mall has a total of over 130 stores with about 1,249,697 square feet of retail space available. Near the food court, there is also a 20 screen Celebration Cinema movie theater. The theater serves as one of the mall's anchor tenants and is one of the most popular cinemas in Michigan, consecutively performing as one of the top 3 theaters in the state.