Wendy’s Raleigh,North Carolina

$1,669,000
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $1,669,000
  • Cap Rate: 5.05%
  • Rentable Square Feet: 3,383
  • Annual Rent: $84,296
  • Price PSF: $493.34
  • Land Area: 1.24 AC
  • Year Built: 2004
  • Lease Type: NNN Ground Lease
  • Lease Guarantor: Wendy’s International, Inc.

Description

8000 Pooler Avenue
Raleigh, NC 27617

Investment Highlights

  • Rare Corporate Ground Lease with Wendy’s International, Inc.
  • Wendy’s Upgraded the Building at Their Expense to a Newer Prototype in Late 2014
  • Below Market Rent at just $84,296
  • 12 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods; Long Term Commitment to the Site Having Already Exercised 2, 5-Year Renewal Options
  • Directly Off Interstate 540 with a Traffic Count of More Than 95,000 Vehicles Daily
  • Surrounding National Brands Include Walmart Supercenter, Kohl’s, Target, TJ Maxx, Regal Brier Creek, Home Goods, BJ’S Wholesale, Staples, Dick’s Sporting Goods, Lowes Foods, Pet Smart, Ale House, Chili’s Grill & Bar, Pei Wei, Panera Bread, Bank of America, Holiday Inn Express, Courtyard Marriott, Embassy Suites by Hilton, Hampton Inn and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Wendy’s fast, casual restaurant located at 8000 Pooler Avenue in Raleigh, NC. This is a rare corporate ground lease with Wendy’s International Inc, below market rent currently at $84,296, and located on an oversized 1.24-acre parcel. Wendy’s upgraded the building to a newer prototype in late 2014, at their expense. The lease offers four, five-year renewal options with 12 percent rent increases every five years. The tenant has a long-term commitment to the site having already exercised two of the option periods.

This Wendy’s is exceptionally located at the signalized intersection of Glenwood Avenue and Brier Creek Parkway, with a combined traffic count of 79,000 vehicles daily, and directly off Interstate 540 with a traffic count of more than 95,000. The surrounding area is home to major national brands such as Walmart Supercenter, Kohl’s, Target, TJ Maxx, Regal Brier Creek, Home Goods, BJ’S Wholesale, Staples, Dick’s Sporting Goods, Lowes Foods, Pet Smart, Ale House, Chili’s Grill & Bar, Pei Wei, Panera Bread, Bank of America, Holiday Inn Express, Courtyard Marriott, Embassy Suites by Hilton, Hampton Inn and many more. This property is centered in a major retail corridor and directly across the highway from Raleigh-Durham International Airport.

Part of the Raleigh-Durham-Chapel Hill metro area with a population of nearly 2.3 million, the immediate area has seen explosive growth in a 1, 3 and 5-mile radius. The average household income within one mile of the Subject Property is $135,238, and $121,119 in three miles. Wendy’s in Raleigh is 12 miles from Duke University in Durham and has an enrollment of more than 15,000 students, and 13 miles from North Carolina State University in downtown Raleigh with 35,000 students and faculty.

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