Jim 'N Nick's Ground Lease
Closed50 Oxford Exchange Blvd, Oxford, AL 36203
Property type
Retail
Unit / Space count
1
Price
$3,150,000
Building size
4,558 sf
Rentable area
4,558 SF
Year built
Year renovated
Occupancy
Zoning code
Lot size
0.96 Acres
Sold/status
Sold · Date unknown
Sale price
$3150000
CAP
5.24%
Net Operating Income
$165,000
Property description
Franklin Street is pleased to present this newly redeveloped Jim 'N Nick's BBQ location in the Oxford/Anniston AL MSA. Oxford is centrally located between Atlanta (90 miles) and Birmingham (60 miles) on Interstate 20. Jim 'N Nick's BBQ recently signed a new corporately guaranteed 15-year ground lease at this location and completely rebuilt the building to match their latest prototype, which will allow double drive-thru pick ups with stacking for 16 cars. Prior to COVID, sales were split 50/50 between off-premises and dine-in, but now two-thirds of business comes outside the four walls. For more than 35 years, Jim ‘N Nick’s BBQ has cultivated a following with its meticulously crafted slow-cooked barbecue, so it shouldn’t come as a surprise the brand is using a similar, patient approach ahead of one of the largest growth pushes in brand history. Over the next 3 years, the brand expects to open 30 locations, fueled by their private equity partner Roark Capital. Roark is a highly respected PE firm with a strong track record of investing in restaurant brands to position them for sustainable, long-term growth. The property is located at an entrance to Oxford Exchange, which is ranked in the 99th percentile for most visited shopping centers nationally. Oxford Exchange has a daily pull from 30+ miles in all directions, leading to excellent tenant sales on the property.
Property highlights
- 15-Year corporately guaranteed ground lease from Jim 'N Nick's BBQ
- Rapidly growing brand - 39 locations with more than 30 expected to open over the next 3 years
- Excellent visibility and access - 36,830 VPD on Hwy 431
- Strong intrinsic value ground lease - tenant is investing over $1.9M in their building renovation
- Outparcel to Oxford Exchange - Sam's Club, Target, Home Depot, Dick's Sporting Goods, Best Buy, Hobby Lobby, Kohls, Ross, PetSmart, and many others
- Oxford Exchange is the #1 most visited shopping center in the 30-mile radius and the #6 most visited shopping center in Alabama
- Newest prototype with double drive-thru format and outdoor patio
- Oxford/Anniston MSA is made up of 123,000+ residents and the retail district has a regional pull of over 30 miles
- Excellent rent to sales ratio expected - average Jim 'N Nick's BBQ does $4M+