Investment Properties
The Partnership currently owns the following Investment Properties:
| Property Name | Address | Lessee | Annualized Operating Base Rent | Lease Expiration Date | ||||
Wendy's |
1721 Sam Rittenburg Blvd |
JAI Hospitality Group, LLC |
$166,348 |
12-31-2040 |
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Wendy's |
343 Folly Rd |
JAI Hospitality Group, LLC |
$136,000 |
12-31-2040 |
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Wendy's |
1004 Richland Ave |
Wendgusta, LLC |
$167,500 |
12-31-2040 |
Summary of Properties
As of December 31, 2022, the Partnership owned eight Properties, all of which feature tenants that are franchisees of casual restaurants. The following are operated at the aforementioned eight Properties: seven Wendy’s restaurants, and an Applebee’s restaurant. The Properties are located in a total of three states.
Sale of Walton Way Property:
On April 22, 2022, the Partnership sold the property located at 1730 Walton Way, Augusta, GA for $1,600,000. The gain on the sale was approximately $1,103,000.
Sale of Martintown Road Property:
On March 31, 2023 the Martintown Road Property was sold for $1,350,000. The Partnership received proceeds from the sale of approximately $1.28 million and the gain on the sale was about $1 million.
Sale of Mount Pleasant, SC Property:
On August 31, 2023, the Partnership sold the Mount Pleasant, SC Wendy’s for $3.2 million. The Partnership received proceeds from the sale of about $3.1 million and the gain on the sale is expected to approximate $2.7 million.
Sale of Brice Road Property:
On September 7, 2023, the Partnership sold the Brice Road Applebee’s for $2.1 million. The Partnership received proceeds from the sale of about $1.98 million and the gain on the sale is expected to approximate $1.5 million.
Sale of Peach Orchard Road Property:
On November 1, 2023, the Partnership sold the Property located at 3013 Peach Orchard Road, Augusta, Georgia for $3,822,000. The gain on the sale is expected to approximate $3.4 million.
Sale of Whiskey Road Property:
On November 6, 2023, the Partnership sold the Property located at 1901 Whiskey Road, Aiken, South Carolina, for $3,800,000. The gain on the sale is expected to approximate $3.2 million.
All Properties Leased to Wendy's Franchisees
As of November 7, 2023, the Partnership owned three Properties, all of which contained fully constructed fast-food/casual dining restaurant facilities. The Properties are operated by tenants as Wendy’s franchise restaurants. The Properties are all located in South Carolina.