Description

Faris Lee Investments is pleased to present a rare opportunity to acquire a corporate-guaranteed Jim ‘N Nick’s Bar-B-Q property located as an outparcel to the highly successful University Town Plaza in Pensacola, Florida. The investment is secured by a new 15-year absolute NNN ground lease that commenced on June 7, 2024, providing immediate income and a completely passive ownership structure with zero landlord responsibilities. The lease includes 10% rent increases every five years throughout the initial term and four additional five-year renewal options, offering strong income growth and the potential for long-term occupancy. The property features Jim ‘N Nick’s latest “Fast-Casual Plus” prototype, including double drive-thru lanes, an enhanced kitchen layout, dedicated delivery pickup space, a 4,200-square-foot restaurant, and a 1,000-square-foot patio area, all designed to support the brand’s growing off-premises business, which accounts for approximately 60% of sales. Founded more than 40 years ago, Jim ‘N Nick’s operates 61 locations across the Southeast and generated more than $200 million in revenue in 2024, while achieving double-digit same-store sales growth over the previous three years. The lease is backed by a corporate guarantee from Jim ‘N Nick’s, providing investors with additional security and stability. The brand is owned by Roark Capital, a leading private equity firm with more than $40 billion in assets under management and a portfolio of prominent restaurant concepts, further strengthening the tenant’s long-term growth prospects and institutional backing. Strategically positioned within one of Pensacola’s premier retail corridors, the property benefits from its location adjacent to University Town Plaza, a major shopping destination attracting approximately 4.7 million annual visitors and anchored by BJ’s Wholesale Club, Floor & Décor, Boot Barn, and Academy Sports + Outdoors. The surrounding retail environment is supported by several high-performing restaurant operators and benefits from excellent visibility and accessibility along North Davis Highway and Creighton Road, with convenient access to Interstate 10. The trade area includes more than 141,700 residents, average household incomes exceeding $83,800, and nearly 67,700 daytime employees within a five-mile radius. Combining a strong corporate tenant, long-term lease structure, institutional sponsorship, and exceptional real estate fundamentals, this offering represents a premier management-free investment opportunity in one of Florida’s most active and growing retail markets.