Stephen Lapierre brokers land purchase on behalf of buyer Meritage Hospitality Group.
ATLANTA, GA, February 02, 2021 /24-7PressRelease/ — In a transaction on behalf of the largest active Wendy’s franchisee in the U.S., Ackerman Retail has brokered the sale of a 1.24-acre land parcel at a prime location off I-75 in McDonough, Ga., for the development of a new Wendy’s restaurant.
Vice President of Retail Services Stephen Lapierre represented the buyer, Meritage Hospitality Group, in the acquisition of the parcel located at 1169 Highway 20 81. Construction is scheduled to start in February following demolition of a building on the site housing a Dairy Queen and a medical practice. Completion is targeted for third-quarter 2021.
The site provides direct access to I-75 and high visibility along the stretch of interstate next to the site traveled by 200,000-plus vehicles daily.
“Henry County is an excellent fast-food market, but land availability for these types of businesses is extremely limited,” said Stephen Lapierre. “We believe the fundamentals of the market are very strong, positioning this to be a highly successful location for Meritage as they continue to expand their portfolio of Wendy’s restaurants.”
Added Leo Wiener, Ackerman Retail’s President, “We’re excited to assist Meritage in closing on the property as it should be a terrific location for them. Once again, Stephen Lapierre did a fantastic job finding them a great site and helping them navigate the deal through this challenging COVID-19 landscape to get it closed.”
Meritage was originally prepared to close on the site in March 2020 but the transaction was delayed due to the initial impacts of the COVID-19 pandemic on the retail sector. Completion of the transaction also required the resolution of several title and easement issues with adjoining properties.
“The deal was also an excellent value for Meritage compared to recent pricing for comparable sales of sites nearby,” said Stephen Lapierre.
In another transaction on behalf of Meritage, Ackerman Retail recently completed the acquisition of a 1.06-acre land parcel in Cedartown, Ga., for a Wendy’s restaurant that will open later this year.
Ackerman Retail also has several other possible locations in the pipeline for Meritage across metro Atlanta and North Georgia, and is also looking into select Northeast and Midwest markets for Meritage to open new Wendy’s restaurants. Meritage plans to develop 40 new Wendy’s restaurants by the end of 2024.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired 37 million square feet of office, medical, industrial, retail and mixed-use space, has 4.5 million square feet under management, and maintains an investment portfolio valued at $1 billion.
Ackerman Retail, a division of Ackerman & Co., offers a best-in-class services platform, delivering solid results for local and multi-market clients across the Southeast. To date, Ackerman Retail has completed more than 10 million square feet of transactions valued at $1.7 billion.
For more information, visit www.ackermanco.com
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