The Kennewick Applebee’s Neighborhood Grill + Bar is staying put after tough lease renewal negotiations prompted its landlord to enlist NAI Tri-Cities to market its building to new tenants.
Applebee’s at 606 N. Columbia Center Blvd. was pitched as a highly-visible retail location with nearly 33,000 vehicles passing by each day and asking rent of $22 per square foot per year on a triple net basis. Triple net, or NNN, means tenants take full responsibility for the building, including taxes and insurance.
Both the restaurant manager and Todd Sternfeld, the broker representing the property, confirmed that the two sides were far apart during renewal talks. Outside interest in the property prompted the two sides to work out their differences. Applebee’s has a new lease and is staying open, according to both sides.
The listing was advertised online and in a print advertisement for NAI Tri-Cities in the June edition of the Tri-Cities Area Journal of Business. Sternfeld said the listing was deactivated about the time the newspaper reached subscribers.
The Kennewick Applebee’s is owned and operated by Apple American Group, a division of Flynn Restaurant Group, a nationwide operator of Applebee’s and other restaurant brands, including Taco Bell, Pizza Hut and Wendy’s. It could not be reached to comment on whether it was willing to risk losing the prominent location.
The 1991-built restaurant boasts 8,432 square feet of retail space with outdoor seating and ample parking facing Columbia Center Boulevard as well as North Colorado Street to the rear. It has a market value of about $2.3 million, according to Benton County property records.
Diners also have the choice of Applebee’s locations on Road 68 in Pasco and Columbia Point Drive in Richland.
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