There are more than 53,000 residents and 37,000 employees within a five-mile radius of the restaurant
(UCBJ) – The IHOP at 1115 Interstate Drive in Cookeville recently failed a health inspection for the second time in the last few years. Now, Verlaine Capital (VC) has announced it is acquiring the single-tenant, 3,962-square-foot retail property.
The deal was completed on an all-cash basis, according to a release.
VC says the purchase includes the building and a location surrounded by a concentration of national retailers, including Walmart, Lowe’s, SAM’s Club, AMC Theatres, Chick-fil-A, Starbucks, Chipotle and Texas Roadhouse.
“Cookeville continues to serve as a regional hub for employment, education, health care and retail activity. The market has experienced continued population growth, commercial expansion and infrastructure investment in recent years,” according to Verlaine Capital.
There are more than 53,000 residents and 37,000 employees within a five-mile radius of the restaurant and retail business corridor. VC says the acquisition aligns with its strategy of investing in institutional-quality retail real estate located in high-traffic corridors with strong long-term market fundamentals.
No announcement has been made about whether the space will be repurposed in the future or if IHOP will continue operating there. Check back for updates.
Google Earth Image.
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