It appears the new Huber Heights IHOP restaurant has already been sold from the company that developed it to a real estate investor.
John Oettinger, of Menlo Park, Calif., bought the IHOP property at 7611 Old Troy Pike for $3,643,778 from Flapjack 2 Holding Co. LLC on Sept. 1, according to Montgomery County property records.
Flapjack acquired the land for $277,875 in October 2016, records also show.
The new IHOP opened Tuesday at 6 a.m. and is set to serve its pancake delicacies 24 hours a day, seven days a week after that.
The Huber Heights restaurant seats 192 and will employ about 110, a company spokeswoman told this news outlet. IHOP has another restaurant under construction in Vandalia near the Miller Lane restaurant row, and operates restaurants in Beavercreek and Springfield.
The demand for properties with single-tenant leaseholders occupying them has been quite strong regionally.
“Tenants in single-tenant leases typically commit to long-term leases,” Chris Prosser, Colliers International senior vice president, said in a statement to RE Journals recently. “This minimizes risk and attracts investors who want hands-free investments.”