Challenge
Located in the #1 up-and-coming city, Charlotte, NC, Wendy’s is just five miles from the University of North Carolina at Charlotte and Downtown Charlotte. The site is also located just off the strong, signalized intersection of Sharon Amity Road and Milton Road, boasts combined traffic counts over 54,300 vehicles per day. The quick-service restaurant had limited options for relocation in the area, in addition to the low rent. The landlord of this particular Wendy’s was looking to increase the rent and enter a new lease with the 12-year tenant due to success at the location and a history of strong sales.

 

Strategy
The Matthews™ brokers worked to achieve a mutually beneficial outcome through constant communication and collaboration with the Wendy’s Brokers. Ultimately, the teams amended the lease and settled on tenant improvements and higher rent.

 

Results
Serving as the backbone of the industry during COVID-19, drive-thrus are the prime option for quick and convenient food ordering, furthering contributing to the value of this quick-service establishment. Utilizing this knowledge to their benefit, the Matthews™ team entered the tenant into a new 20-year NNN lease term with ten percent rent increases every five years through the initial term. The site will undergo a full remodel and reimage to the new Wendy’s prototype building by the end of 2020.