Wendy's (GL)

1000 Technology Avenue, North Port, FL 34289

$1,800,000

Cap Rate 4.67%

$1,999,500

Cap Rate 4.20%

DOM: 205 Updated: 02.16.24 Posted: 06.13.23 Status: Sold 01.04.24

Summary

Price $1,800,000 $1,999,500	Built/Renov 2023	Tenant Wendy's (GL)
Cap Rate 4.67% 4.20%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 2,575	Lease Start 09-01-2022	#Units 100
Price/SF $699.03 $776.50	Expiration 08-31-2042	Tenant Type Fast Food/QSR
NOI $84,000	R. Term 17.3	Ownership Ground Lease
Rent/SF $32.62	Increases 10.0%/4/yrs	Pop 5Mi 56,874
Lot/AC 1.00	Options 3/5yrs/10%	AHHI 5Mi $97,561

Lease Highlights

Brand new 2023 construction equipt with a drive-thru
Tenant recently signed a brand-new 20-year lease with 3 (5-year) options to extend
The lease features a rental increase of 10% every 5 years and beginning of each option period
Absolute NNN ground lease with zero landlord responsibilities
The franchisee and guarantor, Tim Cloe, is an experienced operator that was formerly the largest Dunkin' franchisee in Florida with over 100 units

Location Description

This newly constructed Wendy’s is located at 1000 Technology Avenue in North Port, Florida and strategically fronting Toledo Blade Blvd (20,000 VPD), a primary thoroughfare serving the immediate trade area. It is positioned directly off Interstate 75 (75,900 VPD), the dominant interstate highway along the West coast of Florida. The subject property benefits from the significant street frontage...

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Key Features

New construction
Near major nationals
Highway close
Top 100 MSA
Income tax free state
Brand new lease
Long 15+ yr lease
Absolute NNN
Traded and rated company
100+ unit franchisee backed

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Links

Wendy's Wikipedia Wendy's North Port, Florida Zip Code 34289 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Wendy's
Guarantor:Franchisee
Company:Tim Cloe
# Units:100
Tenant S&P: B+
Moody’s: B3
Stock: NASDAQ: WEN

About Tenant

Wendy's is an American international fast food restaurant chain founded by Dave Thomas in 1969, in Columbus, OH. The Wendy’s Company, together with its subsidiaries, operates as a...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	3,960	29,365	64,323
2023 Total Population :	3,712	27,412	59,515
2023 Employed Civilian Pop :	1,466	12,598	26,261
2023 Total Businesses :	235	636	1,252
2023 Average Household Income :	$ 91,007	$ 101,109	$ 97,979
2023 Total Consumer Spending :	$ 115 M	$ 909 M	$ 1916 M
2023 Median Age :	39	39	42
2023 Total Households :	1,478	10,421	22,566
2023 Pop Age 25+: Bachelor's Degree :	434	3,571	7,197
2023 Average Home Value :	$ 264,638	$ 338,027	$ 335,806

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
North Toledo Blade Boulevard		2005	5,100	0.51 mi
CR-779 /TOLEDO BLADE	E Bellamy Cir	2021	7,800	0.53 mi
I 75	N Toledo Blade Blvd	2021	2,800	0.55 mi
I 75	Greenley Cir	2021	7,800	0.62 mi
CR-779/TOLEDO BLADE	N Toledo Blade Blvd	2021	3,000	0.64 mi
North Toledo Blade Boulevard	King St	2021	2,900	1.06 mi
I 75		2021	55,500	1.43 mi
I 75	Dennis St	2021	62,500	1.54 mi
North Toledo Blade Boulevard	W Price Blvd	2021	20,000	1.76 mi
West Price Boulevard	Luau St	2021	14,800	1.99 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
49077 Views
117 Sold

William Wamble

SRS National Net Lease Group

Contact

186 Listings
39143 Views
69 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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