Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Wendy's Corporate Ground Lease, a 3,274-square foot net-leased property located in Winter Park (Orlando MSA), FL, according to Kirk A. Felici, regional manager of the firm’s Miami office. The asset sold for $2,213,034.
The buyer, a private investor, was secured and represented by Roee Ben-Moshe and Leeor Ben-Moshe. The brothers are both investment specialists in Marcus & Millichap’s Miami office and together, the Ben-Moshe brothers have extensive experience with Single Tenant Net-Leased assets, Retail Shopping Centers and Sale-Leasebacks nationwide. “We are continuing to see a very aggressive 1031 market. As demonstrated, cap rates for these types of single tenant QSR assets have remained compressed, even after the new Trump administration and the recent rise in interest rates,” says Roee Ben-Moshe. “The asset presented a win-win situation for both the buyer and the seller, effectively completing the buyer’s 1031 all-cash exchange,” says Leeor Ben-Moshe. The Wendy's Corporate Ground Lease is located at 3700 Aloma Avenue in Winter Park (Orlando MSA), FL. The asset was paired with a 15-Year absolute triple net-lease (NNN) with ten percent bumps every 5-years and three 5-year options. The Wendy’s asset was just built and located at the signalized corner of Aloma Avenue (Highway 426) and Tuskawilla Road, just outside of Orlando, Florida. The traffic counts directly in front of the property amount to over 65,000 vehicles per day. The property was surrounded by Publix, Walmart, Kohl’s and Dunkin Donuts. The Wendy’s Company (Nasdaq: WEN) is the world’s third largest quick-service hamburger company. The Wendy’s system includes 6,488 franchised and company-owned restaurants in the U.S. and 27 other countries and U.S. territories worldwide, as of March 2015. For its fiscal year, Wendy’s reported total sales of $2.1 billion. Founded in 1969, Wendy’s maintains corporate headquarters in Dublin, Ohio.
Roee Ben-Moshe (to the left) and Leeor Ben-Moshe (to the right). The Ben-Moshe brothers are based out of the Miami Office of Marcus & Millichap. Please feel free to contact us for inquiries on the property at 786-522-7083 or visit us online at www.caprates.com
Each Wendy’s restaurant offers a standard menu featuring hamburgers and filet of chicken breast sandwiches, which are prepared to order with the customer’s choice of condiments. Wendy’s menu also includes chicken nuggets, chili, baked and french fries, freshly prepared salads, soft drinks, milk, coffee, desserts and kids’ meals. In addition, the restaurants sell a variety of promotional products on a limited time basis.
Kirk D. Olson and Drew A. Kristol, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
