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Restaurant

RibCrib

1031 W 15th St, Panama City, FL 32401

Listing Price: $2,727,000

Cap Rate
5.50%
Tenant Name
Panhandle Restaurant Group
Years Remaining On Lease
20.0
Guarantor
Local or Regional Franchisee
Rentable SF
5,800
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$25.86

Investment Overview

Marcus & Millichap is pleased to present RibCrib, a rare investment opportunity for an investor to purchase a truly iconic brand with a proven track record of success in the market of Panama City Beach, FL. This unique investment opportunity is ideally positioned in the path of progress and development with the City of Panama City Beach as the target of redevelopment and with a plan by city officials allocating significant funds for an ongoing project to renovate portions of Front Beach Road and its surrounding streets. The tenant is spending money into a retrofit of the subject property location, which speaks to their commitment to the site long-term. There is also additional upside for a landlord as the lease also includes a percentage rent clause to capture additional income as the store ramps up its sales volume. This prime location has a variety of phenomenal core real estate drivers that ensure future appreciation and stability of the location.

Investment Highlights

  • The lease is backed by Panhandle Restaurant Group's corporate entity, which currently has 27+ units operational and another 10-20 locations targeted for construction to open in the next 12 months.
  • Brand / Concept - Based in Oklahoma, the concept knows Barbeque to the bone and in 2005 was named in Restaurant Business magazine's Top 50 Growth Chains.
  • Unit Sales - There is additional upside for a landlord as the lease also includes a percentage rent clause to capture additional income as the store ramps up its sales volume.
  • Path of Progress / Development - This is an opportunity to purchase an income producing property on an existing long-term lease with significant future upside as the city spends significant time and money to improve the surrounding area.
  • Tenant's Long-Term Commitment to the Site - The tenant is spending money into a retrofit of the subject property location, which speaks to their commitment to the site long-term.
  • E-Commerce & Recession Proof

Exclusively Listed By

Financing By

Listing Price: $2,727,000

Cap Rate
5.50%
Tenant Name
Panhandle Restaurant Group
Years Remaining On Lease
20.0
Guarantor
Local or Regional Franchisee
Rentable SF
5,800
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$25.86

Investment Highlights

  • The lease is backed by Panhandle Restaurant Group's corporate entity, which currently has 27+ units operational and another 10-20 locations targeted for construction to open in the next 12 months.
  • Brand / Concept - Based in Oklahoma, the concept knows Barbeque to the bone and in 2005 was named in Restaurant Business magazine's Top 50 Growth Chains.
  • Unit Sales - There is additional upside for a landlord as the lease also includes a percentage rent clause to capture additional income as the store ramps up its sales volume.
  • Path of Progress / Development - This is an opportunity to purchase an income producing property on an existing long-term lease with significant future upside as the city spends significant time and money to improve the surrounding area.
  • Tenant's Long-Term Commitment to the Site - The tenant is spending money into a retrofit of the subject property location, which speaks to their commitment to the site long-term.
  • E-Commerce & Recession Proof

Investment Overview

Marcus & Millichap is pleased to present RibCrib, a rare investment opportunity for an investor to purchase a truly iconic brand with a proven track record of success in the market of Panama City Beach, FL. This unique investment opportunity is ideally positioned in the path of progress and development with the City of Panama City Beach as the target of redevelopment and with a plan by city officials allocating significant funds for an ongoing project to renovate portions of Front Beach Road and its surrounding streets. The tenant is spending money into a retrofit of the subject property location, which speaks to their commitment to the site long-term. There is also additional upside for a landlord as the lease also includes a percentage rent clause to capture additional income as the store ramps up its sales volume. This prime location has a variety of phenomenal core real estate drivers that ensure future appreciation and stability of the location.

Exclusively Listed By

Financing By

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