Marcus & Millichap has announced the $3.54 million sale of a 5,103-square-foot Applebee’s property in Surprise.

The property is at 13756 W. Bell Road, according to a press release. Built in 2001, the Applebee’s restaurant sits on 0.79 acres.

“The casual dining sector has faced challenges over the past several years, but the underlying real estate fundamentals of this property were exceptionally strong,” said Chris Lind, senior managing director investments, in the release.

“Its location at one of the busiest intersections in the Phoenix metropolitan area generated a competitive bidding process and ultimately delivered a result the seller was very pleased with.”

Lind, Mark Ruble and Zack House, investment specialists in Marcus & Millichap’s Phoenix office, represented the seller, a Delaware limited liability company, and procured the buyer, a California limited liability company, in the all-cash transaction.

The buyer plans to hold the property as a long-term investment.