Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Wendy’s located in Dade City, FL which is part of the Tampa MSA. This property offers a brand new, long-term, triple net (NNN) sale leaseback with a lease expiration of 20 years from close of escrow. The lease offers 7.5 percent rent increases every five years throughout base term and option periods and is available separately or as part of a three-property portfolio. A re-image to the building was completed by the franchisee in 2022 (see page 7 of offering memorandum for list of all upgrades). The re-image included new dining room furniture package, new ceilings, lighting, and tile work, replaced restroom tile and fixtures, new menu board and signage, new walls in the kitchen and drive thru area, new exterior building signage, new menu board/presell board, painted the building, and new drive-through system, among other upgrades. This lease is guaranteed by Starboard Group of Tampa and includes 10 units. Starboard Group is an experienced franchisee with approximately 73 Wendy’s units, and a multi-brand operator with restaurants across Alabama, Florida, Illinois, Missouri, Louisiana, Wisconsin, and Texas. This Wendy’s location offers excellent access and visibility from U.S. Highway 301 with a daily traffic count of more than 26,500 vehicles. US Highway 301 connects the area north to Ocala, and south to Tampa. The average household income is $74,486 in five miles of property with a metro population made up of over three million residents. The subject property is part of the Tampa-St. Petersburg-Clearwater, Florida metropolitan area which contains roughly 3.2 million residents. Surrounding national brands include Walmart Supercenter, Publix, Winn-Dixie, Bravo Supermarket, Hampton Inn & Suites by Hilton, Anytime Fitness, Buddy’s Home Furniture, Big Lots, Save-a-Lot, Dollar Tree, Dollar General, IHOP, Pizza Hut, Advance Auto Parts, Beall’s Outlet, Cricket Wireless, Dunkin’, Walgreens, CVS and many more.