Address: 9981 US-64, Arlington, Tennessee, United States 38002
Cap Rate: 5.50%
Lease Type: Triple Net (NNN)
Annual Rent: $175,000
Net Operating Income: $175,000
Lease Term Remaining: 20 Years
Rental Increases: Lessor of Change in CPI or 1.25% Annually Starting Year 3
Options: Six (6), Five (5) Year Option Periods
Rentable Sq/Ft: 3,037 SF
Rent Sq/Ft: $57.62
Price Sq/Ft: $1048
Lot Size: +/-0.83 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Wendy’s located at 9981 US-64, Arlington, TN. The property consists of 3,037 square feet of building space and is situated on approximately 0.83 acres of land.
The tenant will enter into a brand new, 20-year triple-net (NNN) lease with absolutely no landlord responsibilities upon the day following the close of escrow. The lease will call for rental increases that will be the lesser of the change in CPI or 1.25% annually starting in Year 3. The rental increases will continue through the base term and into the six, five-year tenant renewal options. The lease will carry a guaranty from Meritage Hospitality Group, an experienced ~310 unit operator and the second largest franchisee in the Wendy’s system.
This Wendy’s property is located at 9981 US-64 in Arlington, Tennessee. Arlington is located in Shelby County Tennessee, approximately 20 miles northeast of Memphis.
This Wendy’s is strategically located along US-64 in the wealthy Memphis suburb of Arlington. The property is surrounded by many major national tenants including Lowe’s, Walmart, CVS Pharmacy, Walgreens, Kroger, Taco Bell, and Burger King. To the rear of the property is the Charleston, a newly-developed luxury apartment complex. US-64 provides for easy transportation access to major cities including Oklahoma City, Nashville, and Knoxville via Interstate-40. Additionally the property is just down the road from the Wolfchase Galleria Mall, a Simon-owned premier indoor shopping mall featuring over 130 specialty stores.
The subject property has approximately 36,900 individuals residing within a three-mile radius and 84,994 individuals within a five-mile radius of the property. Within that five-mile radius, average household income exceeds $98,000. This Wendy’s is located on US-64, which experiences an average daily traffic count of 47,865 vehicles. US-64 intersects Interstate-40, which brings an additional 78,708 vehicles per day to the immediate area and provides easy access to Memphis.
Memphis is the birthplace of Rock n’ Roll and the home of the Blues. It’s also home to the National Civil Rights Museum, Beale Street, the Memphis Rock and Soul Museum, the National Ornamental Metal Museum and Graceland, the second most visited residence in the United States. Memphis still has a vibrant music scene to this day, with live music each night on Beale Street and in most areas of the city. But music is not Memphis’ only export; these days, most goods come through Memphis and its transportation and logistics infrastructure. Not only is the airport the second largest cargo airport in the world – a fact attributable to FedEx’s “Super Hub” – but Memphis sits at a crossroads of what is called the four R’s: Railroads, Runways, Roads, and the Mississippi River. The city is also home to several Fortune 500 companies, including AutoZone, International Paper, and FedEx, as well as St. Jude Children’s Research Hospital and the Memphis Grizzlies. Every year, Beale Street and Downtown’s Tom Lee Park are transformed into a sea of music, pork and people during the Memphis in May International Festival. This month long celebration draws tens of thousands of visitors every spring and features the world-famous Beale Street Music Festival, World Championship Barbecue Cooking Contest and several international events honoring a different foreign country every year.
Broker of Record: Jody McKibben – License # 307629