Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Wendy’s located in Leeds, AL (Birmingham 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. Building renovations were completed by the franchisee in 2021 (see page 7 of offering memorandum for list of all upgrades). The building upgrades include repair, seal and stripe parking lot; add stainless drive-thru window wrap; new building signs and paneling; paint building; new dining room furniture package; replaced ceiling tiles; new menu board and signage package; upgrades to rest rooms and new drive thru system. The lease is guaranteed by Starboard Group of Alabama and includes 11 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 411/Moody Parkway with a daily traffic count of more than 35,000 vehicles and directly off Interstate 20 with more than 50,8000 vehicles daily. Interstate 20 connects Leeds west to Birmingham. The average household income is $87,673 in five miles of property with a metro population made up of over 1.2 million residents. Surrounding national brands include Walmart Supercenter, Lowe’s, Publix Supermarket, Comfort Inn & Suites, Holiday Inn Express, Days Inn & Suites, Dollar Tree, Dollar General, Verizon Wireless, Express Oil Change, Advance Auto Parts, AutoZone, Circle K, Chevron, Waffle House, Logan’s Roadhouse, Metro by T-Mobile, Great Clips, GameStop, Walgreens and many more.