December 7, 2022 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of Wendy’s in Cleveland, Ohio. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $4,525,000.
Wendy’s is located at 5815 St. Clair Avenue in Cleveland, Ohio and has a 45-year operating history at this location. Wendy’s has 13+ years remaining on their absolute triple-net lease with two (2), 5-year renewal options. Both the initial term and renewal options feature attractive 10% rent increases every five years. Wendy’s enjoys an outstanding location along a major commercial artery that sees more than 26,800 vehicles per day and offers direct access to downtown Cleveland. The Property is just 2 miles from Cleveland State University (16,000 students), 3 miles from Case Western Reserve University (12,142 students), and 3.5 miles from Cuyahoga Community College (20,000 students). The Property is also close to several K-12 schools with more than 15,000 students. Additionally, Wendy’s is close to several major area attractions including the Cleveland Cavaliers stadium (NBA), Cleveland Guardians stadium (MLB), the Cleveland Browns stadium (NFL), several major medical centers/hospitals including Cleveland Clinic’s main campus & Children’s Hospital (32,200 employees) and University Hospital’s main campus (14,500 employees). Wendy’s is also just a few minutes from the Cleveland Museum of Art (865,000 visitors per year) and the Cleveland Museum of Natural History (300,000 visitors per year).
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.