A New Jersey-based restaurant and hospitality group has sold 10 of its Wendy’s restaurant properties across South Jersey in deals collectively worth more than $25 million, property records show.
The Briad Group, headquartered in Livingston, Essex County, sold four other area Wendy’s locations late last summer, meaning in roughly six months, it’s shed at least 14 Wendy’s properties for a total of more than $33.2 million. The sales involve the real estate holding the restaurants.
Wendy’s restaurants are typically in a 3,000-square-foot building and situated on a half to full acre of land, according to Net Lease Advisor. Lease terms are generally 20 years with options to extend.
The recent sales were to various entities, listed below.
The Briad Group did not return a request for comment.
Briad owns and operates 111 franchised Wendy’s in New Jersey, New York and Pennsylvania, according to its website. It also owns more than a dozen Zinburgers on the East Coast, and its hotel division has developed, owned and managed 34 Marriott and Hilton-branded hotels. Most recently, it celebrated the grand opening of an AC Hotel by Marriott in Bridgewater, Somerset County, that’s connected to a Zinburger via a walkway.
In New Jersey, it’s also building a Courtyard by Marriott in Hamilton; a Homewood Suites by Hilton in Edison and an Element by Westin, part of Marriott International, in Wood-Ridge, Bergen County. Briad has recently expanded its hospitality brand to the West Coast, as it’s in the midst of developing an AC Hotel in San Diego.
Here’s a list of the Wendy’s properties Briad sold since October:
- 300 South Black Horse Pike in Bellmawr and 2400 Church Road in Cherry Hill both sold to an LLC based in Saugerties, New York, for $2.7 million and $2.4 million, respectively.
- 500 Cross Keys Rd. in Winslow and 685 N. Delsea Drive in Glassboro both sold to Bethlehem-based Fifth Street Properties for $2.5 million and $3.2 million, respectively.
- 732 N. Crescent Boulevard in Pennsauken sold to a EMNJ RE, an LLC based in Flourtown, Pennsylvania, for $3.1 million.
- 1140 Rt. 73 in Mount Laurel sold to New York-based Canal Real Estate Corp. for $2.8 million.
- 1149 Hurffville Rd. in Deptford sold to Staten Island-based Forest Management LCC for $2.9 million.
- 704 Mantua Pike in Woodbury Heights sold to two LLCs based in Bridgehampton, New York, CG 704 Mantua and PW 704 Manuta, for $2.2 million.
- 5480 Rt. 42 in Washington Township, Gloucester County, sold to New York City-based Winchester Development Group for $575,000.
- 2741 Rt. 42 in Washington Township, Gloucester County, sold to Baldwin, New York-based SPJ Distributors for $2.7 million.
*Article courtesy of Philly Biz Journal
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