RibCrib
1031 W. 15th Street | Panama City Beach, FL
Contact Brokers
James Garner, CCIM
First Vice President InvestmentsJames.Garner@MarcusMillichap.com
(O) 813.387.4796
FL #SL3273659
Jim Shiebler, CCIM, CEC
First Vice President Investments
Jim.Shiebler@MarcusMillichap.com
(O) 239.340.7811
FL #SL3347780
James Medefind
Senior Vice President Investments
James.Medefind@MarcusMillichap.com
(O) 813-387-4788
FL #SL3216834
Highlights
-
Lease Guarantee Size & Strength - 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
Description
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.