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Wednesday, September 8, 2010 |
976 properties online |
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Arby's
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Make Offer
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Featured Property
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Property Type
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Retail Restaurant
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State
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MN
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Sale price
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$ 2,237,500
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Cap Rate
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8.00%
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Lease Term (Years)
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20.00
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Lease Type
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NNN
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Landlord Responsibilities
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Guarantor
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RTM, Inc.
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Credit Rating
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Non-Rated
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Net Worth
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Private
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Tenant Mix
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Tenant Number
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Tenant Information
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Arby’s is well known for slow-roasted and freshly sliced roast beef sandwiches and famous Market Fresh sandwiches, wraps and salads, made with wholesome ingredients and served with the convenience of a drive-thru.
From day one, Arby’s Roast Beef Restaurants offered an innovative menu, offering guests something other than hamburgers in the newly inspired quick service segment. When foodservice veterans Leroy and Forrest Raffel opened the first Arby’s in Boardman, Ohio on July 23, 1964, customers enjoyed roast beef sandwiches, potato chips, and Texas-sized iced teas. Today, Arby’s rich heritage is comprised of several multi-generation franchise owners. In fact, Jim Raffel, founder Leroy’s son, owns and operates three locations in Maine.
The enterprising spirit that originated with the Raffel Brothers has fueled the development of Arby’s throughout its 41 year history. The company added an average of 50 restaurants a year in the 1970s while simultaneously creating and perfecting timeless menu favorites, Beef ‘n Cheddar, Jamocha Shakes, Curly Fries and Arby’s signature sauces, Arby’s BBQ sauce and Horsey Sauce®.
Arby’s continued expanding both locations and menu items during the next decade, opening restaurant number 1,000 and introducing chicken to the menu in 1981.
In 1991, Arby’s was the first to introduce a complete Lite Menu featuring three sandwiches and four salads under 300 calories and 94% fat free. In 1994, Arby’s banned smoking in all company-owned restaurants, another first in the quick service segment.
In 1995, the Arby’s Foundation launched the Arby’s Charity Tour (ACT), a series of corporate golf tournaments and other fund-raising activities to benefit youth-mentoring organizations, such as Big Brothers Big Sisters. Since then, the ACT has raised over $18 million, a testament to Arby’s commitment to make a difference in the communities its restaurants serve.
A change in the company’s ownership set the course for menu expansion and a strengthened brand. Triarc Companies, Inc. purchased Arby’s in 1993 and innovation quickly followed. Arby’s introduced Arby’s Market Fresh in 2001, a line of deli-style sandwiches and salads made with high quality and unique ingredients. In 2003, wraps extended the popular additions.
On July 25, 2005, Triarc acquired RTM Restaurant Group, Arby’s largest franchisee, and formed Arby’s Restaurant Group, Inc., an Atlanta-based company comprised of more than 3,500 restaurants. Of those, Arby’s Restaurant Group owns and operates more than 1,000 restaurants located in the United States.
Roland Smith returned to Atlanta as President and Chief Executive Officer of Arby’s Restaurant Group in April 2006. Smith first joined Arby’s in 1994 and served as the brand’s President and CEO from 1997 to 1999.
On September 29, 2008, Triarc Companies Inc. merged with Wendy's International, Inc. to form Wendy's/Arby's Group, Inc. Wendy's/Arby's Group, Inc. is the third largest quick-service restaurant company in the United States.
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Tenant Web Site
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Ticker Symbol
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NOI
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$ 179,000.00
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Rent Adjustments
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Years 7-10: $179,000
Years 11-15: Please see Lease Notes
Years 16-20: Please see Lease Notes
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Percentage Rent
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6% of gross sales exceeding base rent for such year (see lease agreement)
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Lease Renewal Options
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Two 5-year options
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Lease Term (Years)
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20.0
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Price per Square Foot
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$ 634.21
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Rent per Square Foot
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$ 50.74
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Property Status
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Available
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Lease Commencement
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September 2002
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Rent Commencement
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September 2002
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Notes on Lease
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Net, Net, Net. No landlord responsibilities.
Rent Increases every 5 years: The lessor of 5X CPI of previous year or 5% increase in equity portion plus mortgage payment (Please see Lease Agreement)
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Square Feet
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3,528
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Land Area
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1.21 Acres
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Year Built
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2003
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Year Rennovated
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Existing Financing
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No
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Loan Amount
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Loan Term
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Loan Rate
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Balloon
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Equity
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Loan Assumption Fee
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Loan Prepayment Fee
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Cash on Cash
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Debt Notes
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N/A
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