INVESTMENT HIGHLIGHTS
BRAND NEW 20-YEAR ABSOLUTE NNN LEASE
The tenant will sign a brand new 20-year Absolute NNN Lease at closing providing an investor with long term passive cash flow with no Landlord management and/or repair responsibilities.
ESTABLISHED LOCATION WITH NEARLY 40 YEARS OF OPERATING HISTORY
The Lease is guaranteed by Hobby Lobby Stores Inc. the largest privately-owned crafts retailer in America, with annual revenue in excess of $5.3 billion. The Property has been a Wendy’s restaurant since it was built in 1984, boasting nearly 40 years of successful operating history.
STRONG FRANCHISEE GUARANTEE
The Lease is guaranteed by Wenplains LLC and Wenspok Resources LLC (35 total units with combined average revenue above $74M), wholly owned subsidiaries of Wenspok Companies, a successful Wendy’s franchisee with over 80 restaurants in 11 states. The franchisee has over 10 years of successful operating history.
LOCATED IN DOMINANT TRADE AREA
The Property is located within the Silverdale retail trade area that boasts in excess of $1.2 Billion of consumer spending annually. The trade area is anchored by the Kitsap Mall and tenants such as Costco, Lowe’s, Trader Joe’s, Safeway and Best Buy.
FULL PROPERTY RENOVATION IN 2024
The Property is scheduled to be fully renovated to the new “Next Generation” Wendy’s format by the end of 2024. The remodel is projected to increase sales by 15%-20%+ ensuring for long-term profitability.
STRONG STORE SALES
Boasting nearly 40 years of successful operating history, the Property features strong store sales that are above the expected AUV (Average Unit Volume) for Wendy’s Restaurants. Please contact listing agent for additional details.
HEALTHY RENT-TO-SALES RATIO
The Property features a healthy rent-to-sales ratio of 7.2% providing an investor with confidence the tenant will remain profitable throughout the entire lease term.
7.0% RENT INCREASES EVERY 5-YEARS
The lease features 7.0% rent increases every 5 years for the original lease term and all option periods, providing a hedge against inflation.
CLEAN PHASE I AND NEW ALTA SURVEY
The Property has a clean Phase I report and an ALTA survey, both from 2023.
STRATEGICALLY LOCATED
The Property is strategically located on Main Street, the main arterial thorough McPherson, at a hard corner with traffic exposure to over 6,500 VPD. The Property also benefits from a pylon sign and excellent visibility/access. The location is within 1 mile of several schools, a hospital, and multiple manufacturing facilities, providing a steady stream of customers throughout the day.
Listing Agents:
CLAYTON J. BROWN
