MIAMI—A portfolio of eight Wendy’s restaurants is up for grabs in a sale-leaseback deal that just hit the market. Marcus & Millichap listed the portfolio for $24.3 million and change.

Ronnie Issenberg, vice president investments, Gabriel Britti, associate vice president investments, and Roee Ben-Moshe, associate, all in M&M’s Miami office, are marketing the portfolio on behalf of the Boca Raton, FL-based seller. The Wendy’s can be purchased together or separately.

Net leased properties remain a target of commercial real estate buyers as both a capital preservation vehicle and steady cash-flow investment,” says Britti. “Assets with long-term, absolute net leases with fixed rental increases are difficult to find, especially large portfolios of quick-serve restaurants. Quick-serve restaurant properties feature recognizable tenants and are typically located as outparcels to shopping centers in high profile locations.”

At close of escrow, the existing Wendy’s operator will sign a brand new, 20-year, absolute triple-net lease. The lease will include 7.5% increases every five years with four five-year options. The lease will be absolute-net in nature, with no landlord responsibilities.

The properties’ locations are: 365 University Park Drive, Winter Park, FL; 2390 West 68th St., Hialeah, FL; 8901 West Commercial Blvd., Tamarac, FL; 499 Florida 7, Margate, FL; 3801 West Broward Blvd., Plantation, FL; 8200 Champions Gate Blvd., Champions Gate, FL; 7693 East Colonial Drive, Orlando; and 2031 East Oakland Park Blvd., Fort Lauderdale, FL.

Sale-leasebacks are always a useful option for corporations,” Mac McCall, a regional partner with Franklin Street Real Estate Services in Atlanta, tells “Traditionally, corporations like to invest in their business as it should produce double digit returns versus real estate, which really only appreciates nominally on a yearly basis. By freeing up the equity tied up in their bricks and mortar they can reinvest in their businesses, pay down debt and clean up their balance sheets.”