Wendy’s Portfolio of 19 Restaurants in North Carolina and Virginia Hits the Market at $48 Million

MIAMI, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has obtained the exclusive listing for a portfolio of 19 Wendy’s restaurants, 18 of which are located throughout North Carolina and one in Virginia.

Ronnie Issenberg

The portfolio is listed for $48,019,876. The properties may be purchased together or separately.

Ronnie Issenberg, a vice president investments, Gabriel Britti, an associate vice president investments, and Roee Ben-Moshe, an associate, all in Marcus & Millichap’s Miami office, are marketing the portfolio on behalf of the seller, a private company from Memphis, Tenn.

Marcus & Millichap’s brokers of record are James Allen Smith in North Carolina and Payton Banks in Virginia.

“The number of quick service restaurants sold doubled last year and the asset class continues to be very popular with investors,” says Issenberg.

“Due to the popularity of quick service restaurants, cap rates for this investment class are at generationally low levels,” adds Britti. “We are also seeing a trend wherein franchise-guaranteed properties are beginning to rival corporate-backed properties.”

Gabriel Britti

The Wendy’s properties are guaranteed by NPC International, which is the largest franchisee in the United States and is currently operating more than 1,250 Pizza Hut units in 28 states and over 140 Wendy’s units in five states.

All of the Wendy’s locations in this portfolio have brand-new 20-year leases that include 10 percent rent increases every five years with four five year options. The leases are absolute-net in nature, with no landlord responsibilities.

“Whereas private investors and 1031 exchange investors look for individual restaurants with long-term leases and rental escalations because they are relatively safe investments, institutional investors and REITs seek larger portfolios to obtain economies of scale,” notes Ben-Moshe.

The properties’ locations are:

Roee E. Ben-Moshe

·         949 N. Wesleyan Blvd., Rocky Mount, N.C.

·         19260 Jeb Stuart Highway, Stuart, Va.

·         1200 Eastern Ave., Nashville, N.C.

·         1 Cloninger Ave., Thomasville, N.C.

·         3182 Peters Creek Parkway, Winston-Salem, N.C.

·         1515 E. Dixie Dr., Asheboro, N.C.

·         2735 Reynolda Road, Winston-Salem, N.C.

·         6400 Sessions Ct, Clemmons, N.C.

·         2619 NC Highway 68, S. High Point, N.C.

·         147 NC Highway 801, Advance, N.C.

·         1429 Lewisville-Clemmons, Road, Clemmons, N.C.

·         5457 Gumtree Road, Winston-Salem, N.C.

·         1468 NC Highway 66, S. Kernersville, N.C.

·         3705 Elmsley Court, Greensboro, N.C.

·         3007 Waughtown St., Winston-Salem, N.C.

·         3103 Sands Drive, Greensboro, N.C.

·         1500 W. Lee St., Greensboro, N.C.

·         2710 South Main Street, High Point, N.C.

·         3710 Battleground Plaza, Greensboro, N.C.

Interested investors can contact Ronnie Issenberg, Gabriel Britti or Roee Ben-Moshe at (786) 522-7000.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716