WENDY'S | $2,110,424 | 4.25% CAP
The Deltondo Group and Marcus & Millichap are pleased to present for sale Wendy’s a single-tenant property located at 172 East Belt Boulevard, Richmond, Virginia 23224.
The subject property is comprised of 2,508 square feet, built-in 1982, and will undergo a remodel in quarter two of 2023. The building sits on a large 40,337 square foot lot located just off East Belt Boulevard which oversees ±19,000 Vehicles Per Day.
Wendy’s operates on an absolute-net lease backed by a 22-unit guaranty with 19 years remaining. At the end of the initial term, Wendy’s will have five, five-year options to extend. The lease calls for 10% increases every 5-years including the options.
The Wendy’s Company (NASDAQ: WEN) is the world’s third-largest quick-service hamburger company. Founded in 1969, the Wendy’s system includes more than 6,800 franchise and Company Restaurants across the United State and 29 countries worldwide. As of 2021, Wendy’s is the #2 hamburger chain in the United States by sales behind McDonald’s. Wendy’s system sales increased by 4.8% last year to $10.2 billion, while Burger King sales dropped by 5.4% to $9.6 billion. The Company achieved its two highest quarterly Global same-restaurant sales results in over 15 years, while also launching its highly successful breakfast menu. Wendy’s reported global sales of $11.339 Million, up from $1.709 Billion in 2019, and continued to exhibit robust growth with 147 restaurants opened in 2020.