Wendy's
2023 Construction | 2 Miles from FSU University!
Marketing description
CBRE is pleased to present Wendy's available for sale, located at 1828 North Monroe Street in Tallahassee, Florida. The property is strategically positioned on North Monroe St., a direct artery to downtown Tallahassee and Florida State University (45,000+ students). The property features a 2,146 SF building that was a build-to-suit in 2023, situated on a 0.6-acre parcel. The site benefits from excellent visibility on North Monroe Street, which features high traffic counts exceeding 36,000 vehicles per day. The tenant has demonstrated a long-term commitment to the location by executing a 20-year absolute NNN lease on August 29, 2023. The lease includes 1.25% annual rental increases throughout the base term and within the six, 5-year renewal options, providing an excellent hedge against inflation.
The lease is backed by Meritage Hospitality Group, Inc., one of the largest Wendy's franchisees in the nation. Headquartered in Grand Rapids, Michigan, Meritage is a publicly traded corporation (OTCQX: MHGU) that operates approximately 355 restaurant locations across 15 states.
Investment highlights
- Massive University & State Capital Demographics | Less than 2 miles from FSU and proximate to FAMU and TCC, capturing a combined student and faculty economic engine of over 80,000 in the immediate market.
- Downtown Tallahassee Proximity | Direct arterial access to downtown Tallahassee's daytime worker population of 20,000+ employees and state capital infrastructure, positioning the asset at a crossroads of high-volume consumer traffic.
- 2023 Build-to-Suit Construction | Brand-new, custom-built Wendy's, minimizing deferred maintenance concerns and reducing near-term capital expenditure requirements.
- 20-Year Lease Stability | Long-term tenant commitment through an absolute NNN lease executed in August 2023, eliminating near-term rollover risk.
- Fee Simple Ownership with Tax Advantages | Land and building ownership providing strong depreciation benefits through traditional or accelerated schedules.
- Exceptional Traffic Counts | Strategic location on North Monroe Street with 36,000+ vehicles per day (VPD), one of Tallahassee's highest-traffic corridors.
- Proximate to Local Schools | The property is located just down the street from Augusta Raa Middle School and Ruediger Elementary School, which collectively enroll over 1,400 students.
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