Arby’s Restaurant Group, Inc., or simply Arby’s, is the second-largest quick-service fast-food sandwich restaurant chain in the U.S. in terms of units with more than 3,300 restaurants system wide and third in terms of revenue. In October 2017, Food & Wine called Arby’s “America’s second largest sandwich chain (after Subway)”.

Roark Capital Group acquired the company in July 2011 and owns 81.5% of the company, with The Wendy’s Company owning the other 18.5%. In addition to its classic Roast Beef and Beef ‘n Cheddar sandwiches, Arbys products also include deli-style Market Fresh line of sandwiches, Curly Fries and Jamocha Shakes. Its headquarters are in Atlanta, Georgia. As of December 31, 2015, there were 3,342 restaurants. There are international locations in four countries outside the United States: Canada, Turkey, Qatar, and United Arab Emirates.

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S&P Rating: N/R

S&P Outlook: N/R

Moody Rating: N/R

Moody Outlook: N/R

Typical Lease Characteristics

Lease Term: 15- 20 Years Years

Lease Type: NNN(absolute Net)

Lease Increases: 5% every 5 Years inlculding options

Lease Extensions: 4-5 (5) Year Options

Lease Guarantor: Corporate and Franchisee

Tenant Overview

In 2013, two years after Wendy’s had sold Arby’s to a private equity firm, Paul Brown, former president of Hilton Worldwide, was brought in to attempt a turnaround. Since he became CEO, the chain has grown same-store sales for 14 straight quarters. Top-line sales have jumped by 16% to $3.6 billion, and Arby’s restaurants now have average revenue of $1.1 million, 25% higher than before Brown arrived.

With just over 3,000 restaurants today, Arby’s is continuing its growth trend. 2016 was the first time since 2008 that the company ended the year with more stores than it started with. Arby’s declines to share its goal for 2017, but says that redesigning and opening new locations are top priorities. Over the long term, it thinks there’s enough consumer demand to have 6,000 total locations.


  • Nationwide presence with high brand recognition
  • NNN lease eliminates landlord responsibilities
  • Typically Long term leases with increases


  • Consumers are showing a growing interest in healthy fast food.
  • Competitive Industry Sector
  • Susceptible to economic trends and pressures

Market Snapshots:

On Market Ranges:

# of Properties in set: 17

Price: $1,764,160 - $2,165,110Average: $2,004,732

PPSF: $640 - $790Average: $684

Year Built: 1971 - 2014Average: 1995

CAP Rate Range: 5.66% - 6.76%Average: 6.09%

Size range: 1,824 sq ft - 4,218 sq ft Average: 3,002 sq ft

Last 12 Month Range:

# of Properties in set: 52

Price: $1,547,830 - $1,860,870Average: $1,739,132

PPSF: $613 - $717Average: $646

Year Built: 1950 - 2018Average: 1995

CAP Rate Range: 4.96% - 6.50%Average: 5.91%

Size range: 1,242 sq ft - 8,006 sq ft Average: 3,036 sq ft

Arby’s Company Profile

Headquarters Information

Atlanta, Georgia

Founded in 1964

Company type: Private

Sector: Services

Industry: Restaurants

# of Employees: 74,000

S&P Rating: N/R

S&P Outlook: N/R

S&P Rating: N/R

Moody Outlook: N/R

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No news available for this tenant.

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