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Restaurant

Wendy's

172 E Belt Blvd, Richmond, VA 23224

Listing Price: $2,110,424

Cap Rate
4.25%
Tenant Name
Wendy's
Years Remaining On Lease
18.9
Guarantor
Franchisee Guarantee
Rentable SF
2,508
Lease Type
Absolute Net
Rent Per Square Feet
$35.76

Investment Overview

The Deltondo Group and Marcus & Millichap are pleased to present for sale Wendy’s a single-tenant property located at 172 East Belt Boulevard, Richmond, Virginia 23224. The subject property is comprised of 2,508 square feet, built in 1982 and will undergo a remodel in quarter two of 2023. The building sits on a large 40,337 square foot lot located just off East Belt Boulevard which oversees ±19,000 Vehicles Per Day. Wendy’s operates on a absolute-net lease backed by a 22-unit guaranty with 19 years remaining. At the end of the initial term Wendy’s will have five, five-year options to extend. The lease calls for 10% increases every 5-years including the options. The Wendy’s Company (NASDAQ: WEN) is the world’s third largest quick-service hamburger company. Founded in 1969, the Wendy’s system includes more than 6,800 franchise and Company Restaurants across the United State and 29 countries worldwide. As of 2021, Wendy’s is the #2 hamburger chain in the United States by sales behind McDonald’s. Wendy’s system sales increased by 4.8% last year to $10.2 billion, while Burger King sales dropped by 5.4% to $9.6 billion. The Company achieved its two highest quarterly Global same restaurant sales results in over 15 years, while also launching their highly successful breakfast menu. Wendy’s reported global sales of $11.339 Million, up from $1.709 Billion in 2019, and continued to exhibit robust growth with 147 restaurants opened in 2020.

Investment Highlights

  • Absolute-Net Lease: 19-Years Remain on Lease with 10% Increases Every 5-Years; Including Each of the Five, 5-Year Options to Extend the Term
  • 22 Unit Franchisee Guaranty: Lease is Backed by Wen-Gap West, LLC a 22-Unit Guaranty
  • Fantastic Operating History: This Location has been Operating as a Wendy's since 1982 and will be Remodeled in Q2 2023 Showing their Further Commitment to this Restaurant

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Financing By

Listing Price: $2,110,424

Cap Rate
4.25%
Tenant Name
Wendy's
Years Remaining On Lease
18.9
Guarantor
Franchisee Guarantee
Rentable SF
2,508
Lease Type
Absolute Net
Rent Per Square Feet
$35.76

Investment Highlights

  • Absolute-Net Lease: 19-Years Remain on Lease with 10% Increases Every 5-Years; Including Each of the Five, 5-Year Options to Extend the Term
  • 22 Unit Franchisee Guaranty: Lease is Backed by Wen-Gap West, LLC a 22-Unit Guaranty
  • Fantastic Operating History: This Location has been Operating as a Wendy's since 1982 and will be Remodeled in Q2 2023 Showing their Further Commitment to this Restaurant

Investment Overview

The Deltondo Group and Marcus & Millichap are pleased to present for sale Wendy’s a single-tenant property located at 172 East Belt Boulevard, Richmond, Virginia 23224. The subject property is comprised of 2,508 square feet, built in 1982 and will undergo a remodel in quarter two of 2023. The building sits on a large 40,337 square foot lot located just off East Belt Boulevard which oversees ±19,000 Vehicles Per Day. Wendy’s operates on a absolute-net lease backed by a 22-unit guaranty with 19 years remaining. At the end of the initial term Wendy’s will have five, five-year options to extend. The lease calls for 10% increases every 5-years including the options. The Wendy’s Company (NASDAQ: WEN) is the world’s third largest quick-service hamburger company. Founded in 1969, the Wendy’s system includes more than 6,800 franchise and Company Restaurants across the United State and 29 countries worldwide. As of 2021, Wendy’s is the #2 hamburger chain in the United States by sales behind McDonald’s. Wendy’s system sales increased by 4.8% last year to $10.2 billion, while Burger King sales dropped by 5.4% to $9.6 billion. The Company achieved its two highest quarterly Global same restaurant sales results in over 15 years, while also launching their highly successful breakfast menu. Wendy’s reported global sales of $11.339 Million, up from $1.709 Billion in 2019, and continued to exhibit robust growth with 147 restaurants opened in 2020.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

Financing By

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