Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a freestanding Wendy’s located at 802 US-51 in Covington, Tennessee. The property is subject to a long-term NNN lease with approximately 12 years remaining, featuring CPI-based rent increases every 5 years and four (4) five-year renewal options. The ±2,811-square-foot building sits on a ±0.57-acre parcel with prime frontage along US-51, Covington’s primary retail corridor. The property benefits from excellent visibility, convenient access, and strong traffic flow. Surrounding national retailers include Walmart Supercenter, Walgreens, Tractor Supply Co., Dollar Tree, Five Below, McDonald’s, and AutoZone, creating a robust retail synergy and consistent customer draw. Covington is part of the Memphis MSA, one of Tennessee’s fastest-growing metros with a population exceeding 1.3 million. The area is experiencing significant investment, including a $97.7M Charms LLC manufacturing expansion, a $12.4M renovation of Broadmeadow Place Apartments, and infrastructure upgrades such as a $2M sewer extension and the planned Future Interstate 69 corridor. These developments strengthen the local economy, enhance connectivity, and position Covington for long-term growth.