Wendy's - Saint Petersburg, FL 4047 4th St N

Marcus & Millichap is pleased to present for sale a Wendy’s, located at 4047 4th Street N, Saint Petersburg, Florida. This investment benefits from a 15 year corporate-backed ground lease, with seven years left to the initial term and five options of five years each. There are 10 percent increases every five years, with the next increase scheduled for January 1, 2027.
The location is fantastic. Just ten minutes outside Downtown Saint Petersburg, this site is so strong that there are no less than three grocers within 500 feet and six in less than a mile. The brand new Whole Foods sits behind this property, with one of its access roads along the southern boundary of this development. Incredibly, Publix has two locations across the street from one another, just two blocks south of the Subject. Drive another half mile south, and one will pass a Gordon Food Service, Fresh Market, and Trader Joe’s. As though six grocers isn’t enough, additional retailers in the immediate area include two Starbucks just one half mile away from one another, Hooters, Bank of America, Chick-Fil-A, Burger King, McDonald’s, Chase, Walgreens, and many others.
Driving this concentration of retail is the tremendous density in the area: 15,000 within one mile and 110,000 within 3 miles. Pinellas County is the most densely populated county in Florida, and being a peninsula, there is a shortage of commercial land. Consequently, commercial assets are in tremendous demand, and vacancy is virtually non-existent.
This Wendy’s offers an investor the opportunity to purchase a stable, zero management, ground lease with an excellent tenant in a tremendous location.