The Real Deal Miami

Wendy’s in Coral Gables sells for $9M, to be redeveloped

38,000 sf lot last sold in 1927

November 19, 2015 02:15PM
By Katherine Kallergis

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Wendy's in Coral Gables Marcos Puente

Wendy’s in Coral Gables (inset: broker Marcos Puente)

A Wendy’s along South Dixie Highway in Coral Gables has sold for $9 million, or slightly more than 9 million Frosty desserts.

Scott Sandelin and Johnathan De la Rosa of Marcus & Millichap

Scott Sandelin and Johnathan De la Rosa of Marcus & Millichap

The fast food restaurant, on the corner of U.S. 1 and Red Road, is in a hot spot of commercial activity. Across Red Road, the Shops at Sunset Place sold for $110 million in October – and announced its first new tenant since the sale this week. And across U.S. 1 is the Metrorail, home of the planned Underline linear park.

The 38,200-square-foot property, at 6601 Red Road, last sold in 1927, listing agent Marcos Puente told The Real Deal. He advised the seller, a trust, and represented the buyer, TMICS LLC, along with Scott Sandelin and Jonathan de la Rosa of Marcus & Millichap.

It sold for about $235 per square foot, based on land value. The 4,300-square-foot Wendy’s was built in 1979, according to Miami-Dade County property records.

Puente, formerly with Marcus & Millichap, said the deal took a year to arrange. He said that he has already received offers north of the closing price to flip the site, but that the buyer has plans to redevelop the property. It will remain a Wendy’s for about a year. The fast food chain is on a month-to-month lease, he told TRD.

The Coral Gables-based buyer is led by local investor Sergio Delgado and Ramon Mendez, according to state corporate records.