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4/07/16
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A 2.8k sf, single-tenant Wendy’s restaurant in San Diego County sold for $4.125 mil, or $1,473/sf. The NNN property includes a drive-thru and is located on .84 acres at 8749 Campo Rd, near the intersection of Spring St and Campo Rd in La Mesa.
The fee-simple sale/leaseback included both the land and the building and featured a brand new 20-year absolute NNN lease with increases every five years. The lease is guaranteed by the largest Wendy's operator in California.
Built in 1984, the high-profile freeway location is situated close to the on/off ramp for both the CA-94 and CA-125 freeways with over 220,000 cars per day combined. Over 437,000 people are located within a five-mile radius and there is an average household income of nearly $75,000 within one-mile of the property.
Eric Wohl of Hanley Investment Group represented the San Diego-based seller, who operates 54 Wendy’s locations in California including this location. The all-cash, 1031 exchange buyer, repped by Thomas Ahn of Integrity Capital, was a private investor based in San Diego. The deal had a quick, 14-day closing.
As an added benefit for the buyer, the property will undergo Image Activation, which is expected to be completed within 18 months of closing, to reflect Wendy's most current prototype. Image Activation typically boosts store sales 10%-15%, Wohl said.
“Due to the limited supply of well-located net-leased assets in Southern California and the strong demand for long-term leases with increases, this property produced an incredible amount of activity with multiple backup offers,” Wohl noted.
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