Located in Knoxville, Tennessee, this Brand New Wendy’s property consists of a 2,388 sq.ft. restaurant with a drive-up window and ample parking.
The property sits on a huge 1.2-acre parcel of land. The lease agreement has 20 Year lease, including 7.5 percent rent increases every five years with four (Five Year) options periods. A 35 Unit Holding Company with stores in Tennessee backs the lease. The operator, JAE Restaurant Group, has over 210 restaurants functioning in Florida, Texas, and Tennessee.
This Wendy’s property is strategically located in front of Lowe’s Home Improvement Center. Several national retailers are also present in the surrounding, including McDonald’s, Chick Fil A, Sonic, CVS, Good City, Walmart, Home Depot, and Ruby Tuesday.
Founded by Dave Thomas on November 15, 1969, in Columbus, Ohio, Wendy’s is an international fast-food restaurant chain. As of January 2019, the restaurant was operational in 6,711 locations, including 353 that were owned by the company. A total of 6,358 restaurants are franchised, with 77 percent of them located in North America. In 2016, Wendy’s emerged as the world’s third-largest hamburger fast-food chain. It is second only to Burger King with 12,000 plus locations and McDonald’s with over 31,000 plus locations.
This investment property is suitable for a 1031 exchange.
Property Details –