Brand-New Construction | 20 Year Absolute NNN Ground Lease

Essential CRE presents the opportunity to acquire a trophy, single tenant, absolute net leased Wendy’s in North Port, FL. The subject property is 2,350 SF on 1.10 acres of land, currently under construction. Rent commenced on 9/01/2022 and construction is slated to be completed by the end of Q1 2023. The subject property features and absolute NNN ground lease with 10% rent escalations and ±20 years of lease term remaining. Situated on a high-visibility pad, Wendy’s is located along a bustling retail corridor that includes national tenants such as: 7 Eleven, Dunkin’, Dollar Tree, Sherwin Williams and a number of industrial, light manufacturing and technology firms.

Brand-New, 20-Year Ground Lease with 19+ Years Remaining on Initial Lease Term
10% Rental Increases every 5 Years Provides for Hedge against Inflation; Zero Landlord Maintenance/Expense Obligations
Strong Personal Guarantee by Tim Close, a High-Net Worth, Experienced Operator Continually Growing and who Maintains a Healthy Rent-To Sales Ratio Across his Portfolio
Rapid Population Growth Projected - 12.88% within 1 Mile Radius by 2027

North Port is a rapidly growing city situated in southwestern Florida. It covers an area of about 104 square miles and had a population of approximately 70,000 people, according to the United States Census Bureau in 2020. The city is known for its natural beauty, with several parks and nature preserves within its borders, including Myakka River State Park and Warm Mineral Springs Park. North Port has a diverse economy that includes healthcare, education, retail, and manufacturing. The city is home to several schools, including North Port High School and Heron Creek Middle School, as well as several higher education institutions.
North Port is home to the Atlanta Braves Spring Training facility and the North Port Aquatic Center. Additionally, the city is only a short drive away from popular tourist destinations such as Venice Beach and Siesta Key Beach. North Port, Florida, is a rapidly growing city with a diverse economy, beautiful natural surroundings, and plenty of attractions for residents and visitors alike.