Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., as exclusive advisors to seller, are pleased to present the opportunity to acquire a newly constructed corporate Mission BBQ located in Dayton, Ohio (the “Property”). The Property is strategically situated in a Target anchored center at the epicenter of Dayton’s largest retail trade corridor at the confluence of I-75 and I-675. The Property is located directly adjacent to the super-regional Dayton Mall – Dayton’s largest mall at 1.4 million SF, the South Towne Centre anchored by Burlington Coat Factory, and the nation’s largest destination retailers including a Walmart Supercenter, Menards, Lowe’s, Hobby Lobby, and many more.
The Property is secured by a new 10-year corporate lease to Mission BBQ. The lease features a parent company guaranty for 5 years. Thereafter, the guaranty is limited to 2 years of base rental income for the remaining initial term. The lease carries 10% rent escalations every 5 years and three 5-year extension options, offering long-term and stable income for investors. Formerly a Panera Bread that relocated down the street into its modernized drive thru QSR concept, the Property was fully renovated and opened for business in May 2024. Since opening, the Property ranks in the top third in customer traffic in the restaurant chains 142 location national footprint (placer.ai).
The Property features a corporate lease to Mission BBQ, a privately owned fast casual restaurant chain with 142 units. Founded in 2011 by former Outback and Under Armour executives, Mission BBQ’s aggressive expansion efforts over its first decade plus of operating history has led to a footprint in 20 states throughout the Midwest and East Coast, with additional plans to enter into Arizona and additional Western US states in early 2025.
Dayton has experienced a recent boom in infrastructure investment from major aviation and transportation companies, such as a new $500 million investment from Joby Aviation for a new aircraft manufacturing facility, an initial $44 million from Sierra Nevada Corp for the first of five anticipated hangers for its new Aviation Innovation and Technology Center, and nearly $4 billion from Honda Motor Corp. for its new electric battery plant. Similar investments have contributed to Dayton’s historic job growth in the most recent calendar year, and further forecast the region for sustained economic success in years to come.