MIAMI—A six-unit Wendy’s sale-leaseback portfolio has hit the market. Marcus & Millichap has the exclusive listing on the retail assets, which are listed at $11,689,653.
“This is an incredible opportunity to acquire six South Florida, in-fill, sale-leaseback Wendy’s restaurants located throughout Dade and Broward Counties,” says Ronnie Issenberg, associate vice president of Investments and Director of the National Retail Group at Marcus & Millichap. “The properties will be delivered with new 15-year absolute triple net ‘No Landlord Responsibility’ leases signed at the close of escrow at 8.5% rent to sale ratio.”
M&M senior associate Gabriel Britti, along with senior associate Al Palacios are working with Issenberg to market the property. The seller is a private restaurant holding company in Florida. Britti says, “Due to short supply of net leased assets with corporate guaranteed leases here in South Florida, coupled with the continued strong demand by local, national and foreign investors for area commercial real estate, strong franchisee guarantees are demanding equally aggressive CAP rates.”