Acquired in early 2022 as part of a 1031 exchange, this Wendy’s is on a 20-year lease with an additional six, five-year options to renew the lease. The business portion of the property is run by a hospitality group that operates over 350 units across the United States.
This property is in a prominent location on Lake Michigan Drive NW and sees upwards of 32,300 vehicles pass by per day. Located just 5 miles from downtown Grand Rapids, the location has highly visible signage and strong frontage on Lake Michigan Drive NW.
OneV Capital plans to hold this property long term. The lease is absolute NNN which allows the Landlord to have zero responsibilities and does not require any property management on behalf of the Landlord. Further, the property is located just 5 miles from the headquarters of the operator which provides for long-term security and allows the operator to keep a watchful eye over the store for many years to come.