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Wendy’s
Newly constructed, highly visible, absolute NNN441 Market Street, Zion Crossroads, VA 22942
Capital Pacific collaborates. Click here to meet the rest of our San Francisco team.
For more info on this opportunity please contact:Joe [email protected] | (415) 274-7394 CA BRE# 01191110
Zeb [email protected] | (415) 274-2702 CA BRE# 01242540
ChriS [email protected] | (415) 274-2701 CA BRE# 01002010
ChriS [email protected] | (415) 274-2703 CA BRE# 01339983
Listed in conjunction with VA Licensed Broker: Read Goode, Divaris Real Estate, Inc.(804) 335-0554 | [email protected]
Investment HighlightsNEW, ABSOLUTE NNN WENDY’S SALE-LEASEBACK: BETWEEN RICHMOND AND CHARLOTTESVILLE AT AN ON/OFF INTERSTATE 64 LOCATION. PAD TO LOWE’S HOME IMPROVEMENT AND ADJACENT TO A WALMART SUPERCENTER
rentAble Sf . . . . 3, 302 SF
lot SiZe . . . . . . . . 1.21 Acres
leASe tYpe . . . . . . NNN
YeAr bUilt . . . . . . 2013
PRICE: $2,842,609CAP: 5.75%
inVeStMent highlightS
The site is in Zion Crossroads just off I-64, 16 miles from Charlottesville (home of the University of Virginia) and 57 miles from Richmond, VA
Wendy’s is in a highly visible pad location in front of a Lowe’s Home Improvement, flanked by a Walmart Supercenter (open since 2009) and a 1,000,000+ square foot Walmart distribution center that handles an average of 850 trucks per day
Other notable drivers in the immediate vicinity include Sheetz gas and convenience store (directly across the street), a University of Virginia Medical Center facility, Best Western Motel, IHOP, Burger King, McDonald’s, Arby’s, Advance Auto Parts, Exxon, and BP gas.
Newly constructed in November 2013
Features Virginia Department of Transportation (VDOT) signage indicators on I-64 (average daily traffic counts exceed 32,000 cars per day)
leASe highlightSBrand new 20-year absolute NNN lease (zero landlord responsibilities) upon close of escrow
Lease will feature CPI rental escalations every 5 years capped at 8% during the primary term and each of four (4) five-year option periods, if exercised
The store is operated by a seasoned, award-winning Wendy’s Franchisee who has built and operated 25 locations and has been in the Wendy’s system for 29 years. The lease is backed by a 2-unit LLC which operates two newly built locations
Offering also includes income from a Verizon cellular antenna/equipment that will soon be mounted to the roof of the building. Verizon Wireless Corporate guarantees 10 years of income, at $6,000 per year. There are 2% annual increases through the primary term and four 5-year options. Rent commences upon installation of cellular antenna WENDy’S | 2
James
Mad
ison h
ighway
Zion road
3 notch road
richmond road
poindexter road
liberty trail
Spring Creek
parkway
Mar
ket S
treet
64
64
613
613
615
15
15
250
250
DISTRIBUTION CENTER
SPRING CREEK GOLF AND COUNTRY CLUB
Spring Creek fAMilY MeDiCine
Spring Creek fAMilY DentiStrY
VirginiA MeDiCAl Center
CHARLOTTESVILLE
16 .2 MileS
RICHMOND
55 .2 MileS
Zion CroSSroADS Shopping Center
ii CAStello itAliAn
32,000 DAILY
iDeAl loCAtionWendy’s is in a highly visible pad location in front of a Lowe’s Home Improvement, flanked by a Walmart Supercenter (open since 2009) and a more than 1,000,000 square foot Walmart distribution center that handles an average of 850 trucks per day
WENDy’S | 3
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Income & Expense
PRICE $2,842,609
Capitalization Rate on Wendy’s 5.75%
Capitalization Rate on Verizon Cellular 10%
Total Rentable Area (SF): 3,302
Lot Size (Acres): 1.21
STABILIZED INCOME Per Square Foot
Wendy’s Rent $48.46 $160,000
Verizon Cellular Antenna Rent $6,000
LESS Per Square Foot
Taxes NNN $0.00
Insurance NNN $0.00
Maintenance NNN $0.00
EQUALS NET OPERATING INCOME $166,000
WENDy’S | 4
Rent Roll
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
tenAnt info leASe terMS rent SUMMArY
Tenant Name Sq. Ft. Term Current Rent
Monthly Rent
Yearly Rent
Monthly Rent/FT
Yearly Rent/FT
Wendy’s 3,302 years 1 - 5 $160,000 $13,333 $160,000 $4.04 $48.46
years 6 - 10 $14,400 $172,800 $4.36 $52.33
years 11 - 15 $15,552 $186,624 $4.71 $56.52
years 16 - 20 $16,796 $201,554 $5.09 $61.04
Option 1 years 21 - 25 $18,140 $217,678 $5.49 $65.92
Option 2 years 26 - 30 $19,591 $235,092 $5.93 $71.20
Option 3 years 31 - 35 $21,158 $253,900 $6.41 $76.89
Option 4 years 35 - 40 $22,851 $274,212 $6.92 $83.04
Totals: 3,302 $160,000 $13,333 $160,000 $4.04 $48.46
rent features Cpi escalations capped at 8% every 5 years through 20 year primary term and four (4) five-year options, if exer-cised . Offering also includes income from a Verizon cellular antenna/equipment that will soon be mounted to the roof of the building. Verizon Wireless Corporate guarantees 10 years of income, at $6,000 per year. There are 2% annual increases through the primary term and four 5-year options. Rent commences upon installation of cellular antenna.
WENDy’S | 5
ABOUT THE OPERATOR
The store is operated by a seasoned, award-winning Wendy’s Franchisee who has built and operated 25 locations and has been in the Wendy’s system for 29 years. The lease is backed by a 2-unit LLC which operates two newly built locations.
ABOUT WENDy’S
The Wendy’s Company (NASDAQ: WEN) is the third largest quick-service hamburger company in the United States. The Wendy’s system includes more than 6,500 franchise and company restaurants in the U.S. and 29 other countries and U.S. territories worldwide.
For the twelve months ending December 29, 2013, the company reported revenue of $2.48 billion, with net income from continuing operations of $45.48 million and stockholder’s equity of $1.92 billion.
nUMber of eMploYeeS 37,0002013 reVenUe $2.5 BILLIONnUMber of loCAtionS 6,500
Wendy’s
SySTEM-WIDE SALES (INCLUDING
FRANCHISEES) FOR 2012 WERE ESTIMATED AT $8.6 BILLION By A REPUTABLE
RESEARCH FIRM
WENDy’S | 6
Photos
WENDy’S | 7
21 Minutes57 Miles
Regional Map
Crossroads VA Location TRAFFIC COUNTS IN ExCESS OF
32,000 ON I-64
Richmond
Charlottesville
Zion Crossroads
59 Minutes16.8 Miles
WENDy’S | 8
Zion CroSSroADS (ChArlotteSVille, VA) oVerView
Zion Crossroads is an unincorporated community in Louisa and Fluvanna counties. The community, located just south of Interstate 64, has seen significant development in recent years, both commercial (including a Walmart distribution center) and residential (Spring Creek golf community).
Zion Crossroads is located 20 minutes east of Charlottesville, VA. Charlottesville is home to the University of Virginia, a driver of growth in the region. Charlottesville attracts well-educated and skilled professionals, affluent retirees, outdoor enthusiasts, University alumni, and many others seeking a well-modulated pace of life in a sophisticated small southern city.
High-tech and pharmaceutical startups have made use of the University’s research parks and pool of talent. In addition, the City of Charlottesville, Albemarle County, two major hospitals, the National Ground Intelligence Center, and regional offices of large corporations including GE Fanuc, State Farm Insurance, LexisNexis, and SNL Financial employ a significant portion of the region’s workforce. These business are supported by a well-maintained infrastructure including an attractive and accessible airport.
Location & Demos
2013 HOUSEHOLD INCOMES
1-Mile 5-Mile 10-Mile
2010 595 7,498 32,0782013 623 7,810 33,0282018 658 8,189 34,310
1-Mile 5-Mile 10-Mile
Average $81,555 $77,954 $85,963Median $59,810 $58,250 $63,325
POPULATION - ZION CROSSROADS
Employer University of Virginia 1,000 + Martha Jefferson Hospital 1,000 + City of Charlottesville 1,000 + Charlottesville City School Board 900 Aramark Campus 400
MAjOR EMPLOYERS IN CHARLOTTESVILLE
WENDy’S | 9
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Copyright © 2014 [Capital Pacific Real Estate Brokerage Company]
Joe [email protected] | (415) 274-7394 CA BRE# 01191110
Zeb [email protected] | (415) 274-2702 CA BRE# 01242540
ChriS [email protected] | (415) 274-2701 CA BRE# 01002010
ChriS [email protected] | (415) 274-2703 CA BRE# 01339983
Listed in conjunction with VA Licensed Broker: Read Goode, Divaris Real Estate, Inc.(804) 335-0554 | [email protected]
