Published on December 3, 2017
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.
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