Westwood Net Lease Advisors President, Chris Schellin, just closed on an Applebee’s in Maumee OH. Buyer/client came to Westwood from a local STL referral having no prior NNN experience and an upcoming 1031 exchange. Over the course of four months Mr Schellin spent time educating the client on the different asset classes, rates of return and credit risk. After underwriting 50+ properties the buyer selected a 15 year NNN Applebee’s leased to the 2nd largest operator in the country. The rationale was the strong performance of the site coupled with an above average cap rate of 6.95%.