City BBQ Ground Lease
Closed7984 Hwy 92, Woodstock, GA 30189
Property type
Retail
Unit / Space count
1
Price
$2,250,000
Building size
3,800 sf
Rentable area
3,800 SF
Year built
2023
Year renovated
Occupancy
Zoning code
Lot size
1.24 Acres
Sold/status
Sold · Date unknown
Sale price
$2250000
CAP
6.22%
Net Operating Income
$140,000
Property description
Franklin Street is pleased to present this new construction City Barbeque location in Woodstock, Georgia. Woodstock is a dense and affluent suburb of the Atlanta metropolitan. Headquartered in Columbus, Ohio, City Barbeque is a high-growth, fast-casual restaurant company focused on authentic, "smoker-to-table" barbeque. City Barbeque has signed a new 10 year ground lease with an average investment of over $2M into their building, which makes this investment have strong intrinsic value between the value of building and land. City Barbeque's growth strategy is to become the Chipotle of the barbeque space, and their CEO recently announced a path to 875 stores across the country. The chain's systemwide AUV is $3.3 million and $3.7 million on stores with a drive-thru, and stores in Raleigh and Atlanta exceed that by more than 15 percent. In the months prior to the pandemic the company launch online ordering through their website and app. Because of the chain's foresight, digital sales rose from 22 percent pre-COVID to 40 percent at the start of 2023. From 2011-2022, City Barbeque has averaged 6 percent same-store sales growth. This location is located on strong retail thoroughfare, which has every major big box retail including Target, Walmart, Home Depot, Lowes, BJ's Warehouse, Kohls, Petsmart, Ulta, among many others. A dense growing population services the retail hub with 180,000 residents and $100k+ household incomes within the 5 mile radius.
Property highlights
- New 10 Year City Barbeque Corporate Ground Lease in Atlanta MSA
- Excellent Visibility on Major Thoroughfare at a Lighted Corner: 44,400 VPD
- Strong Average Unit Volumes $3.7M With A Drive-Thru: making this store a low expected rent to sales ratio
- Growing Brand: 61 locations with expectations to open 10-12 units in 2023
- Dense Atlanta Suburb: 184,290 residents within 5 miles
- Ideal Demographics With $100K+ Household Incomes
- Parcel Connectivity Between Tire Discounters, Wash Factory, Dunkin, and RaceTrac
- Atlanta Stores Have Outperformed Other Markets By 15%+