Blue Sky Services facilitated acquisition of former Applebee’s location at 3625 Hillsborough St near NC State University days after restaurant’s permanent closure.
— Blue Sky Services has facilitated acquisition of the former Applebee’s Restaurant near downtown Raleigh on behalf of its long-term investors. This 4,942 sq ft building on 0.95 acre, situated on the hard corner at the prime intersection of Hillsborough and Gorman Streets in Downtown Raleigh, is poised as an excellent investment surrounded by NC State University and Meredith College. Originally constructed as an Applebees restaurant in 1991, it was continuously operated by Apple Gold, one of Applebee’s largest franchisees. Days after the restaurant permanently closed in mid-December, a holding entity represented by Nikita Zhitov of Blue Sky Services acquired the building from the franchisee on December 21, 2017 for a reported price of $1.75M. Charlie Coyne of CBRE represented the Seller in this transaction.
Earlier in 2017, principals of the same holding company acquired a building directly across the street from this Applebee’s at 407 Gorman Street, an office building fully leased to various NC State Departments. Over the past 5 years Blue Sky Services and its affiliate companies, subsidiaries, clients, and investors have been continuously acquiring various prime sites around NC State University. A spokesperson for Blue Sky Services commented on the transaction: “We think it’s great investment thinking by the new ownership to acquire this prime site for a long-term hold, as they already own several prime sites nearby on Hillsborough Street and Western Blvd. It is very hard to find anything along the Hillsborough Street corridor that can be bought on fee-simple basis. We, at Blue Sky, share the excitement of the principals about the future opportunities for this prime location.” According to informed sources at the company, Blue Sky Services has seen a spike in commercial activity since the beginning of the year with total of 34 transactions closed in 2017.
Established in 1996, the Blue Sky Services group of companies brokers, manages, acquires, and develops distinctive and diversified real estate projects in select North Carolina core markets. Through their commercial construction, commercial brokerage and property tax appeal divisions, Blue Sky offers nearly 50 years of combined experience in the complete spectrum of property development services.
Release ID: 285992