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Wendy’s at winding brook
I-95-POSITIONED ASSET at a MAJOR RETAIL CLUSTER IN a HIGH-GROWTH, HIGH-DENSITY, HIGH-INCOME LOCATION11650 Lakeridge Parkway, Ashland, VA 23005
For more info on this opportunity please contact:Joe [email protected] | (415) 274-7394 CA BRE# 01191110
zeb [email protected] | (415) 274-2702 CA BRE# 01242540
Chris [email protected] | (415) 274-2701 CA BRE# 01002010
Chris [email protected] | (415) 274-2703 CA BRE# 01339983
In conjunction with NM Licensed Broker: Read Goode, Divaris Real Estate, Inc. 804-335-0554 [email protected]
Capital Pacific collaborates. Click here to meet the rest of our San Francisco team.
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inVestMent highLightsWendy’s is located on I-95 (the primary north-south corridor on the Eastern Seaboard) at its signalized intersection with Lewistown Road, in Ashland, VA, which is 15 miles north of Richmond
The site is situated between Walmart Supercenter (one exit South) and Virginia Center Commons Mall (which includes Macy’s, Sears, J.C. Penney, Burlington Coat Factory, The Home Depot, Target, Dick’s Sporting Goods, Bed Bath & Beyond, Michael’s Crafts, PetSmart, Ross, Barnes & Noble, Gander Mountain, Best Buy (one exit to the North), and is adjacent to Bass Pro Shops
A new, 392,000 square foot outlet center (The Outlets of Richmond) on 43 acres will be located directly across the street. It is expected to break ground in September 2015 (see aerial). More information on the new outlet center can be found at the following links:
Developer Plans $100M Project: “The Outlets at Richmond”
Hanover Outlet Mall Back on Track
Other major retailers in the immediate vicinity include: Dollar Tree, Cato, Food Lion, CVS, numerous hotels, convenience stores, fast-food and casual-dining restaurants
The site benefits from excellent ingress and egress with direct access to and from I-95 (approximately 113,000 VPD at the intersection with Lewiston Road)
Besides the massive traffic counts on I-95, the site boasts a 5-mile population of 46,663 people with average household incomes exceeding $93,00thank 0
LeAse highLights20-year absolute NNN lease (zero landlord responsibilities) commenced October 15, 2014
Lease features CPI rental escalations every 5 years capped at 8% during the primary term and each of four (4) five-year option periods, if exercised
The store is operated by a seasoned, award-winning Wendy’s Franchisee who has built and operated 25 locations and has been in the Wendy’s system for 29 years. The lease is also backed by a 2-unit LLC which operates two newly built locations
Investment HighlightsWendy’s Is located at a major retaIl cluster In a HIgH-groWtH, HIgH-densIty, HIgH-Income locatIon In asHland, Va
rentAbLe sF . . . . 3,302 SF
LAnD AreA . . . . . . 1.00 Acres
LeAse tYPe . . . . . . NNN
YeAr bUiLt . . . . . . 2014
PrIce: $2,095,238caP: 5.25%
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WENDy’S | 2
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Income & expense
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PRICE $2,095,238
Price Per Square Foot: $634.54
Capitalization Rate: 5.25%
Total Rentable Area (SF): 3,302
Lot Size (Acres): 1.00
STABILIZED INCOME Per Square Foot
Scheduled Rent $33.31 $110,000
LESS Per Square Foot
Taxes NNN $0.00
Insurance NNN $0.00
Structural Reserves NNN $0.00
EQUALS NET OPERATING INCOME $110,000
4/8/2015 Capital Pacific Real Estate Brokerage Co.WENDy’S | 3
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
rent roll
Tenant Name Sq. Ft.Current
RentMonthly
RentYearly Rent
Monthly Rent/FT
Yearly Rent/FT
Wendy's 3,302 10/15/14 10/14/19 $110,000 $9,167 $110,000 $2.78 $33.31
10/15/19 10/14/24 $9,900 $118,800 $3.00 $35.98
10/15/24 10/14/29 $10,692 $128,304 $3.24 $38.86
10/15/29 10/14/34 $11,547 $138,568 $3.50 $41.96
Option 1 10/15/34 10/14/39 $12,471 $149,654 $3.78 $45.32
Option 2 10/15/39 10/14/44 $13,469 $161,626 $4.08 $48.95
Option 3 10/14/44 10/15/49 $14,546 $174,556 $4.41 $52.86
Option 4 10/14/44 10/15/54 $15,710 $188,521 $4.76 $57.09
Totals: 3,302 $110,000 $9,167 $110,000 $9,166.67 $33.31
Term
LEASE TERMS RENT SUMMARYTENANT INFO
Rent features CPI escalations capped at 8% every 5 years through the 20-year primary term and start of each of four (4), five-year options, if exercised.
4/8/2015 Capital Pacific Real Estate Brokerage Co.WENDy’S | 4
Surrounding retail
The site is situated between Walmart Supercenter (one exit South) and Virginia Center Commons Mall (which includes Macy’s, Sears, J.C. Penney, Burlington Coat Factory, The Home Depot, Target, Dick’s Sporting Goods, Bed Bath & Beyond, Michael’s Crafts, PetSmart, Ross, Barnes & Noble, Gander Mountain, Best Buy (one exit to the North), and is adjacent to Bass Pro Shops
WENDy’S | 5
5,166 da
ilY
113,000 dailY
Lewistow
n road
Washington highwayhill Carter
Parkway
Lakeridge Parkwaysliding hill road
Ashc
ake
road
Ashc
ake
road
295
95
95
95
295
656
657
657
782
802
1
1
1
the outlets at richmond
Coming 2015
SHoPPeS at Winding BrooK
nAiL theorY
tHe CroSSingS golF CourSe
HanoVer CountY
MuniCiPal airPort
Cool spring elementary
greenwood elementary
Chickahominy Middle school
Atlee high school
north Cross Center
VirginiA Center MArketPLACe
VirginiA Center CoMMons
the Creeks At VirginiA Centre
kings ChArter
shoPPing Center
AshLAnD hAnoVer shoPPing Center
riCHMond
95
ABOuT WENDy’S
The Wendy’s Company (NASDAQ: WEN) is the third largest quick-service hamburger company in the united States. The Wendy’s system includes more than 6,500 franchise and company restaurants in the u.S. and 29 other countries and u.S. territories worldwide.
For the twelve months ending December 29, 2013, the company reported revenue of $2.48 billion, with net income from continuing operations of $45.48 million and stockholder’s equity of $1.92 billion.
nUMber oF eMPLoYees 37,0002013 reVenUe $2.5 BIllIonnUMber oF LoCAtions 6,500
Wendy’s
Representative photo
SySTEM-WIDE SALES (INCLuDING
FRANCHISEES) FOR 2012 WERE ESTIMATED AT $8.6 BILLION By A REPuTABLE
RESEARCH FIRM Representative photo
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WENDy’S | 6
regional map
Ashland VA Location
Richmond
Ashland
22 Minutes18.8 Miles
TRAFFIC COuNTS IN ExCESS OF
113,000 VPD ON I-95
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WENDy’S | 7
AshLAnD, VA oVerVieW
Ashland is located 15 miles north of Richmond along Interstate-95 in Hanover County, Virginia.
Richmond, Virginia, is the center of the Richmond Metropolitan Statistical Area and serves as the county seat of Henrico County. As of 2013, Richmond’s population reached 214,114. The Richmond Metropolitan Area has a population of 1,208,101.
In recent years, Richmond has been awarded many accolades such as ranking 51 on Forbes.com’s 2014 list of “Best Places for Business & Careers”. Additionally, uS News/Travel awarded Richmond the “6th Best uS Historic Destination” and the “17th Best Affordable uS Destination” in 2012.
Richmond’s economy is primarily driven by law, finance, and government. The city is home to both the united States Court of Appeals for the Fourth Circuit (one of 13 uS courts of appeals) and the Federal Reserve Bank of Richmond (one of 12 Federal Reserve Banks). In addition, m ultiple Fortune 500 companies, including Dominion Resources and MeadWestvaco, are headquartered in Richmond.
location & demos
2013 HouSeHold inCoMeS
1-Mile 3-Mile 5-Mile
2010 180 15,792 45,0342014 186 16,188 46,6632019 193 16,711 48,822
1-Mile 3-Mile 5-Mile
Average $87,040 $101,771 $93,360Median $70,353 $83,226 $71,662
PoPulation
Employer # of Employees*Capital One Financial Corp. 11,309VCu Health System 8,491HCA Virginia Health System 7,051Bon Secours Richmond Health Sys. 6,646Walmart 5,351*Approximate
toP eMPloYerS in riCHMond
RiChMonD, va
WENDy’S | 8
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RepResentative photo
Joe [email protected] | (415) 274-7394 CA BRE# 01191110
zeb [email protected] | (415) 274-2702 CA BRE# 01242540
Chris [email protected] | (415) 274-2701 CA BRE# 01002010
Chris [email protected] | (415) 274-2703 CA BRE# 01339983
In conjunction with VA Licensed Broker: Read Goode, Divaris Real Estate, Inc. 804-335-0554 [email protected]
