A premier two tenant retail building in Springfield, IL.The subject property is 100% leased to Mission BBQ and MOD Pizza, and both tenants are on new 10-year leases featuring 10% rental increases in both the base terms and at each option period. The property is currently under construction and features NNN lease structures, limiting Landlord responsibilities for this investment (see lease abstract pages).MISSION BBQ is one of the nation’s premier, authentic barbecue chains, operating over 90 locations in 16 states. As opposed to focusing on one regional style of barbecue, Mission serves Texas, Kansas City, and Carolina inspired dishes to appeal to all barbecue lovers. As a result, it saw revenues spike 40% in 2018 and that number continues to increase as it proceeds with its expansion plans of opening 20-25 new restaurants every year.MOD PIZZA is a rapidly expanding chain of fast-casual pizza restaurants that serves both individual, artisan style pizzas and 10 classic pizzas. Due to its staggering year-over-year sales growth and the addition of multiple franchisee partnerships, it has been named America’s fastest-growing chain restaurant by Technomic four years running. The company currently operates over 490 locations and plans to ramp up to over 1,000 locations in the next five years with the help of $160M equity financing.
