Wendy's NNN Properties for Sale in Florida
The Wendy's Company (NASDAQ: WEN) operates approximately 7,000 global restaurants, mostly franchisee-operated. Wendy's NNN cap rates vary by guarantee structure (corporate vs. franchisee) and franchisee credit quality.
Typical Cap Rate
5.50% - 6.25%
Lease Term
20 years
Price Range
$2M - $4M
Building Size
2,500 - 3,500 SF
Lot Size
0.75 - 1.25 acres
Credit Rating
S&P: BB (Wendy's Co.)
Investment Highlights
- Third-largest US burger chain
- 20-year initial lease terms
- NNN lease structure common
- Signalized corner pad sites preferred
- Wide franchise network = multiple deal sources
- Consistent same-store sales performance
Lease Structure
Wendy's leases are typically 20-year NNN with 4 five-year options and 10% rent bumps every 5 years. Corporate-guaranteed deals trade tighter than franchisee-guaranteed.
Wendy's Tenant Profile
The Wendy's Company is primarily a franchisor (90%+ of stores franchisee-operated). Credit: S&P BB (non-investment grade but stable). Strong brand with loyal customer base.
Wendy's in Florida
Florida has 300+ Wendy's locations. Franchisee-guaranteed properties in growth markets trade at 5.75-6.25% cap rates.
Why Buy Wendy's
- +Established brand with 50+ year history
- +20-year lease commitments
- +Wide franchisee network supports inventory
- +Drive-thru corner locations
- +Competitive cap rates in QSR category
Considerations
- •Franchisee guarantee most common (verify credit)
- •Non-investment-grade corporate credit
- •Competitive burger QSR segment
- •Corporate deals are rare and trade at premium
Related QSR Tenants
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