Wendy’s

Tenant

Starboard Group of Space Coast LLC

Location

Melbourne, Florids

Price

$3,225,000

CAP Rate

6%

NOI

$193,500

Lease Term

5 Years

Occupancy

100%

Building Size

3,075 Sq. Ft.

Property Type

Single Tenant

Year Built

2002

Lot Size

1.32 acres

Status

Available

Property Contacts:

Karly Iacono

First Vice President Investments

(201) 742-6119 | Email

  • Absolute NNN Lease
  • Out-Parcel to a Publix Anchored Shopping Center
  • Attractive Rent Increases of 7.5% Every Five Years
  • Experienced 101 Unit Wendy’s Operator
  • High Traffic Location | 26,000 Vehicles Per Day
  • Excellent Demographics | Over 142,000 People in Five Miles
  • Positioned in a Dense Retail Corridor with Many Prominent Retailers
  • Located Approximately ½ Mile From I-95 | 78,000 Vehicles Per Day
  • Florida is an Income Tax Free State

The Iacono Team at Marcus and Millichap is pleased to exclusively present a fee simple Wendy’s in Melbourne, Florida. The property is subject to a NNN lease with approximately five years remaining on the base term. There four five-year renewal options available. The lease calls for rental increases of 7.5% every five years throughout the base term and option periods.

Wendy’s is the third largest hamburger chain in the United States behind McDonald’s and Burger King. Dave Thomas opened the first Wendy’s restaurant in Columbus, Ohio in 1969. Today there are more than 6,700 Wendy’s locations across the globe. Most restaurants are franchised but the Wendy’s corporation does own and operate 355 restaurants. The tenant, Starboard Group owns and operates 101 Wendy’s restaurants across Alabama, Florida, Illinois, Missouri, Virginia and Wisconsin. Starboard is ranked 32nd in the Monitor 200 list of the largest franchisees in the United States.

The subject property is ideally positioned in a dense retail corridor as an out-parcel to a Publix anchored shopping center. There are many prominent national retailers near by including Target, Walmart, Marshalls and HomeGoods, LA Fitness, ALDI, Petco, ULTA Beauty, Academy Sports, AMC theatres, and many more. The property benefits from excellent visibility with more than 26,000 vehicles per day. The average income in a one-mile radius exceeds $70,000. The area is also densely populated with more than 142,000 people residing within five miles.

Not far from NASA’s famed Kennedy Space Center, Melbourne is part of the growing high-tech corridor of East Central Florida. With on-going missions at NASA, and a burgeoning commercial space industry—represented by firms like SpaceX, Boeing and Lockheed Martin—the Palm Bay-Melbourne-Titusville MSA is well positioned to lead the nation’s commercial aerospace industry. From the unspoiled beaches of Canaveral National Seashore, to boating and water sports on inland waterways, to enjoying an afternoon at The Brevard Zoo or simply watching rocket launches from the Tiki Bar of Shiloh’s Restaurant on the Indian River Lagoon, Brevard offers a lifestyle for all ages. Melbourne is located approximately 60 miles southeast of Orlando on the Space Coast, along Interstate 95. It is approximately midway between Jacksonville and Miami.