PLANTATION, FL—The year closed with another transaction in the vibrant net lease market in South Florida as a Wendy's location here on West Broward has traded for nearly $3.2 million.

The deal announced by Marcus & Millichap involves the property at 3801 West Broward. The property sold for $3,156,050 representing a 5% cap rate. Ronnie Issenberg, a vice president investments, Gabriel Britti, an associate vice president investments, and Roee E. Ben-Moshe, an associate, in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Boca Raton, FL. The buyer was a limited liability company from Boynton Beach, FL. No other information on the parties involved in the transaction was released.

“This sale-leaseback opportunity enabled an investor to acquire an absolute triple net-lease Wendy's with zero landlord responsibilities,” says Issenberg. “Not only does the asset have a strong guarantee by an experienced and fast-growing operator but the property is scheduled for the new Wendy's prototype remodel.”

At close of escrow, the existing Wendy's operator signed a new 20-year absolute triple-net lease that included 7.5% increases every five years with four five-year options.