Investment Properties

 

The Partnership currently owns the following Investment Properties:

 

Property Name Address Lessee Annualized Operating Base Rent Lease Expiration Date

Applebee's

2770 Brice Rd
Columbus, OH

RMH Franchise Corporation

$138,000

8-31-2027

Wendy's

1721 Sam Rittenburg Blvd
Charleston, SC

JAI Hospitality Group, LLC

$166,348

12-31-2040

Wendy's

343 Folly Rd
Charleston, SC

Wendcharles I, LLC

$136,000

12-31-2040

Wendy's

361 Hwy 17 Bypass
Mount Pleasant, SC

JAI Hospitality Group, LLC

$146,520

12-31-2040

Wendy's

3013 Peach Orchard Rd
Augusta, GA

Wendgusta, LLC

$188,000

12-31-2040

Wendy's

1901 Whiskey Rd
Aiken, SC

Wendgusta, LLC

$210,632

12-31-2040

Wendy's

1004 Richland Ave
Aiken, SC

Wendgusta, LLC

$167,500

12-31-2040

Wendy's

517 Martintown Rd
N Augusta, SC

Wendgusta, LLC

$87,780

11-6-2026

 


Summary of Properties


As of September 30, 2022, the Partnership owned eight Properties, seven of which contained fully constructed fast-food/casual dining restaurant facilities. The following are operated by tenants at the aforementioned Properties: seven separate 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.

 


Eight Properties Leased to Wendy's Franchisees


At December 31, 2021, eight of the nine Properties were (and continue to be) leased to three Wendy’s franchisees. Operating base rents from these eight leases during the year ended December 31, 2021 comprised approximately 90% of the total 2021 operating base rents. During the year ended December 31, 2021, additional percentage rents were also generated from these eight Wendy’s Properties and totaled $366,473. Additionally, those eight Properties exceeded 80% of the Partnership’s total Properties, both by historical asset value and number. Six of the Properties that are currently leased to Wendy’s franchisees feature lease expiration dates of December 31, 2040. The other two Properties that are currently leased to Wendy’s franchisees feature a lease expiration date of November 6, 2026.

 

 

 

 

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