CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Executive Vice President Eric Wohl completed the sale-leaseback of a Wendy’s restaurant in San Diego County, California. The 2,806-square-foot single-tenant NNN retail property with a drive-thru is located on .84 acres at 8749 Campo Road, near the intersection of Spring Street and Campo Road in La Mesa. The property sold for $4,125,000, representing a record-setting cap rate for a fee-simple Wendy’s sale-leaseback in California.
The sale 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, according to Wohl.
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.
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 noted.