New Wendy’s location in Lakewood Ranch sold
JLL brokered the $2.69M sale of the Wendy’s parcel that fronts The Green at Lakewood Ranch retail center in the Sarasota MSA
ORLANDO, January 9, 2020 – JLL Capital Markets announced today that it has closed the $2.69 million sale of a 0.78-acre, single-tenant parcel that is ground leased to a new Wendy’s within the Lakewood Ranch master-planned community in Bradenton, Florida.
Wendy’s is a leading American fast food restaurant founded in 1969 by Dave Thomas. The company has more than 6,700 restaurants across the U.S. and over 30 countries. Wendy’s fronts The Green at Lakewood Ranch, a newly built shopping center that is home to Earth Fare, LA Fitness, Starbucks, CVS, Panera Bread and more. The Wendy’s store will feature a modern design to complement and match the shopping center’s finishes. It is located at 11727 E State Road 70 within the 31,000-acre Lakewood Ranch award-winning master-planned community located on the line of Sarasota and Manatee counties on Florida’s west coast. Lakewood Ranch is the second fastest-growing master-planned community in the country. Within a three-mile radius, the population exceeds 38,000, average household incomes are nearly $125,000 and businesses employ over 15,000 people. Only 12 Wendy’s locations in the southeastern United States have similar or better demographics than the Wendy’s in Lakewood Ranch.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson and Director Michael Brewster along with Managing Director Marc Mandel and Director Steve Schrenk.
“The Wendy’s brand is iconic and has deep roots in the fast food industry,” Brewster said. “The store’s modern design will match its home in The Green at Lakewood Ranch, the premier shopping destination serving the explosive residential growth and the four million square feet of medical, life science, research, office, and hotel space to be added next door at the CORE at Lakewood Ranch.”
The Wendy’s is adjacent to the brand-new prototype 7-Eleven store sold via JLL in November 2019 for $2.89 million on behalf of the partnership between North American Development Group and Argosy Real Estate Partners.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About North American Development Group
North American Development Group (“NADG”) was founded in 1977 and is a full-service real estate platform with over $4.5 billion of assets under management. NADG has been active in the acquisition, development, redevelopment and management of over 250 shopping centers, mixed-use developments and residential communities comprising well over 35 million square feet across Canada and the United States. NADG operates within four distinct platforms: NADG Retail, NADG Residential, NADG Land and NADG Private Equity. NADG’s team of over 235 professionals are in 11 offices across North America, six in Canada and five in the United States. For more information visit nadg.com.
About Argosy Real Estate Partners
Argosy Real Estate Partners (“AREP”) specializes in opportunistic real estate investments in the middle market throughout the U.S. Through joint venture structures, AREP partners with entrepreneurial operating partners who possess market knowledge and a track record in their respective markets. Over the past 29 years, AREP has been investing capital on behalf of institutional investors, family offices and high net worth individuals, and currently has over $1.2 billion in gross real estate assets and uncommitted equity capital under management. AREP is a division of Argosy Capital Group, Inc. together with Argosy Private Equity and Argosy Credit Partners. For more information on AREP, please visit argosyrep.com.