wendy's 8331 brown deer road, milwaukee, wi - matthews · this offering memorandum contains...

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O F F E R I N G M E M O R A N D U M

Wendy’sMilwaukee, WI

EXCLUSIVELY LISTED BY

ALEX HARROLDASSOCIATE

[email protected] (310) 919-5790MOB (310) 977-1651LIC # 02009656 (CA)

GARY CHOUFVP & Senior Director

[email protected] (310) 919-5827MOB (714) 928-8016LIC # 01911222 (CA)

BEAU BEACHBROKER OF RECORD

LIC # 55685-90

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CONTENT

ASSET OVERVIEW4AREA OVERVIEW6

PROPERTY FEATURES10TENANT REPORT 12

ASSET OVERVIEW

INVESTMENT HIGHLIGHTS

Stabilized Investment

• Strong Guarantee – Bridgeman Foods is a leading Wendy’s franchisee that operates over 250 Wendy’s locations

• Absolute NNN Lease – Landlord has zero landlord responsibilities because the tenant takes care of insurance, real estate taxes, and maintenance

• Strong Hedge Against Inflation – There are 10% increases in rent every 5 years allowing the property to keep up with rising market rents

Strong Location

• Major Retail Corridor – Outparceled to a 150,000 SF shopping center, situated along the primary retail corridor leading into Milwaukee with major retailers such as McDonald’s, Denny’s, IHOP, Taco Bell, Walgreens, Firestone Complete Auto Care, Olive Garden, GameStop, Chase, O’Reilly Auto Parts,

• Public Storage, Dollar Tree, Family Dollar, Enterprise Rent-A-Car, Advance Auto Parts, T-Mobile and Menards

• Located along the heavily trafficked retail highway which sees traffic counts of about 30,000 ADT

• Strong Demographics – Population of ± 155,000 and an estimated average household income of ± $73,000 within a 5-mile radius with steady projected growth over the next 5 years

• Located within the Milwaukee MSA, which is the largest metropolitan area in Wisconsin and the 39th largest metropolitan area in the United States with a population of ± 1,600,000

4Wendy’s | Milwaukee, WI

5 Offering Memorandum

Wendy’s8331 Brown Deer RoadMilwaukee, WI 49525

List Price .............................................................................................$1,188,000

CAP Rate - Current ................................................................................... 8.75%

Gross Leasable Area ....................................................................... ± 2,816 SF

Lot Size ..........................................................................................± 0.83 Acres

Year Built / Renovated ............................................................................... 1980

Annualized Operating DataMonthly Rent Annual Rent Rent/SF Cap Rate

Current - 9/30/2021 $8,662.59 $103,951.08 $36.91 8.75%

Option 1 $9,528.85 $114,346.20 $40.61 9.63%

Option 2 $10,481.74 $125,780.88 $44.67 10.59%

Tenant Summary

Tenant Trade Name Wendy’s

Type of Ownership Fee Simple

Lease Guarantor Bridgeman Foods II, Inc

Lease Type NNN

Roof and Structure Tenant Responsible

Original Lease Term 20 Years

Lease Commencement Date 10/22/2001

Lease Expiration Date 9/30/2021

Term Remaining on Lease ± 4.33 Years

Increases 10% Increases Every Five (5) Years

Options Two (2), Five (5) Year Options

AREA OVERVIEW

Milwaukee, WisconsinSituated on Lake Michigan in southeastern Wisconsin, the Milwaukee metropolitan area is the largest metropolitan area in the state. It is a part of the Great Lakes Megalopolis and draws commuters from outlying areas such as Madison, Chicago and the Fox Cities. Encompassing Milwaukee, Waukesha, Washington and Ozaukee Counties, Metro Milwaukee covers 1,460 square miles by land area. The metro area’s economy has been evolving from that of the goods producing industry to one that is more service based. A majority of its workforce continues to be in manufacturing, although recent job growth has largely been in the service-providing sector.


Offering Memorandum7

Economic SnapshotAlso a commercial and cultural center for Wisconsin, the city of Milwaukee is the hub of Greater Milwaukee and the largest city in the state. Six Fortune 500 companies have their international headquarters established in this self-sufficient city: Harley-Davidson, Manpower, Rockwell Automation and Johnson Controls, Northwestern Mutual, and Joy Global. In the spirit of progress, Milwaukee has recently renovated its downtown area, creating an area of lakefront parks and museums. These architectural improvements reflect both the city’s cherished old-world traditions and modern attitude. With a full complement of culture, performing arts, and recreational amenities, Milwaukee continues to attract businesses and young professionals looking to live in a 21st century city.

Subject PropertyM A J O R E M P L O Y E R S

Milwaukee Art Museum

FUN IN MILWAUKEE

Miller Park

From its origins in Milwaukee’s first art gallery, the Milwaukee Art Museum has become an icon for the city. It is one of the largest museums in the country, showcasing 30,000 works of art to over 400,000 visitors a year.

Named after the Miller Brewing Company, Miller Park is the homefield of the Milwaukee Brewers. The grand, brick structure is one of the largest construction projects in Wisconsin history with an impressive retractable roof.

Milwaukee County ZooSpanning 200 wooded acres, the Milwaukee County Zoo houses over 2,000 mammals, birds, fish, amphibians and reptiles in specialized habitats. The zoo’s objective is to inspire public support and participation in global conservation of animal species.

Great Lakes Disti l leryFor those of legal drinking age, the Great Lakes Distillery in the heart of Milwaukee offers small batch products made with old world methods. This world class artisan distillery is committed to providing quality spirits that exhibit craftsmanship.

Historic Third WardThree blocks south of downtown Milwaukee, the Historic Third Ward is known as Milwaukee’s Arts and Fashion District. The area offers the city’s most dynamic array of restaurants, spas, theaters, galleries and shopping, all in a historic warehouse setting.

Milwaukee Public MarketBursting with high quality selections of artisan products and freshly-made prepared foods, the Milwaukee Public Market is Milwaukee’s most unique downtown food destination. It is located in the vibrant Historic Third Ward neighborhood.



GENERAL MITCHELL INTERNATIONAL AIRPORTFive miles south of downtown Milwaukee, General Mitchell International Airport is the largest airport in Wisconsin. It is served by nine airlines and is open 24 hours a day. The Amtrak Hiawatha train service connects Mitchell to Chicago and downtown Milwaukee.

As the gateway into downtown, the Milwaukee Intermodal Station is downtown’s transportation hub. Approximately 1.4 million passengers are served annually by the station with connections to Amtrak’s Hiawatha Service.

MILWAUKEE INTERMODAL STATION

Servicing 45 million riders each year, the Milwaukee County Transit System (MCTS) offers a fleet of 410 clean diesel-buses. It is the largest transit system in Wisconsin and the economic engine of the state.

MILWAUKEE COUNTY TRANSIT SYSTEM

GETTING AROUND

P R O P E R T Y D E M O G R A P H I C S ( 5 - m i l e r a d i u s )

2 0 1 7 E s t . A v e r a g e H o u s e h o l d I n c o m e

$ 7 2 , 9 7 1

P r o j e c t e d H o u s e h o l d G r o w t h 2 0 1 7 - 2 0 2 2

1 . 4 2 %2 0 1 7 E s t . H o u s e h o l d s

5 9 , 8 8 1

P r o j e c t e d P o p u l a t i o n G r o w t h 2 0 1 7 - 2 0 2 2

1 . 1 7 %2 0 1 7 E s t . P o p u l a t i o n

1 5 4 , 0 9 6

The Milwaukee RiverWalk winds through the city, tying together three distinct riverfront neighborhoods. Permanent and changing art exhibitions create a unique outdoor gallery that unifies Downtown, Beerline B., and the Historic Third Ward.

The Milwaukee RiverWalk

PROPERTY DETAILS

THE OFFERING

PARCEL MAP

Property Name Wendy’s

Property Address 8331 Brown Deer Road

Milwaukee, WI 53223

Assessor’s Parcel Number 043-0413-000

Zoning RSF340

Site DescriptionNumber of Stories One

Year Built 1980

Gross Leasable Area (GLA) ± 2,816 SF

Lot Size ± 0.83 Acres (35,964 SF)

Type of Ownership Fee Simple

Landscaping Professional

Topography Generally Level

ConstructionFoundation Concrete Slab

Framing Wood

Exterior Masonry

Parking Surface Asphalt

Roof Flat


T E N A N T M A P



W e n d y ’ sThe Wendy’s Company operates the Wendy’s fast food chain. The company is the #2 hamburger chain in the US. The Wendy’s chain consists of nearly 6,500 restaurants in the US and more than 25 other countries. Besides burgers and fries, the restaurants serve chicken sandwiches, wraps, and a variety of salads. Instead of milkshakes, Wendy’s serves its famously thick Frosty. Most of the company’s locations are franchised, and it generates most of its sales in the US.

STRATEGY

Wendy’s brand transformation is re-energizing all touch points with consumers. From bold restaurant design to innovative food that consumers’ want, to improved customer service, this exciting evolution of the brand reinforces the mission to position Wendy’s as A Cut Above.

GEOGRAPHIC OUTREACH

There are more than 6,500 Wendy’s® restaurants currently in operation in the United States and 29 countries and U.S. territories worldwide. New market expansion and further development within existing markets will continue to be dominant drivers of Wendy’s worldwide strategy over the coming years. Ultimately, we believe that earnings generated from international markets will be a significant component of our ability to generate long-term value for our stockholders.

Company Name Wendy’s

Parent Company Trade Name The Wendy’s Company (NASDAQ: WEN)

Ownership Public

Credit Rating (S&P) B+

No. of Locations ± 6,500

No. of Employees ± 21,200

Headquartered Dublin, Ohio

Website www.wendys.com

Year Founded 1969

TENANT REPORT


EXCLUSIVE LISTING AGENTSALEX [email protected] (310) 919-5790MOB (310) 977-1651LIC # 02009656

GARY CHOUFVP & Senior [email protected] (310) 919-5827MOB (714) 928-8016LIC # 01911222

BEAU BEACHBROKER OF RECORD

LIC # 55685-90

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This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Wendy’s located at 8331 Brown Deer Road, Milwaukee, WI 49525 (“Property”) . I t has been prepared by Matthews Real Estate Investment Services. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the interest of the Sel ler.

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T

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