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JLL is pleased to offer for sale a ground lease to a freestanding, single-tenant Buffalo Wild Wings (the “Property” or “Asset”) located in Springfield, Oregon. This offering features a parcel in the #1 Shopping Center by annual visits in the Eugene-Springfield MSA and includes a lease to a national tenant operating on an 11-year lease with zero landlord responsibilities and 10% rental increases every five years throughout the primary term and renewal options. The site sits within a major growth market due to the favorable macro-economic environment in both Springfield and the state of Oregon. The site was on track to do $3.4MM in revenue for the 2021 year, representing a 3.24% rent to sales ratio. This offering presents the opportunity to acquire a Property leased to an industry leading tenant on excellent Pacific West real estate.
License #: OR-201206575
EXCELLENT REAL ESTATE FUNDAMENTALS IN TOP PERFORMING SHOPPING CENTER
- Situated as an outparcel in the Shoppes at Gateway Shopping Center, the property includes some of the best intrinsic real estate in the state of Oregon with exposure to 123,000 VPD due to its location off I-5.
- The Shoppes at Gateway is an 820,000 SF retail mall on Interstate 5 at the intersection that divides Eugene and Springfield.
- The retail center is top performing in the country–it is 99th percentile in terms of annual shopping center visits nationally and 1st within a 75-mile radius, making it the #1 center in the entire Eugene-Springfield MSA.
- The surrounding area has been growing steadily for over a decade and property values are projected to increase a massive 48.5% by the end of 2026 (data provided by Esri).
- The property draws from a trade area of 620,000 residents, including 25,000 students and 5,300 employees from the University of Oregon campus.
NATIONAL TENANT THAT THRIVES NEAR COLLEGE TOWNS
- Founded in 1982, Buffalo Wild Wings is an American casual dining restaurant and sports bar franchise that specializes in buffalo wings and sauces. The company operates 1,300 stores across all 50 U.S. states and nine other countries.
- Buffalo Wild Wings is operated out of Sandy Springs, Georgia and is a subsidiary of Inspire Brands, the owner of several of America’s most beloved chains, including Arby’s, Jimmy John’s, and Dunkin’.
- Buffalo Wild Wings continues expanding as demand for casual dining at an affordable price increases.
- The site is just four miles and a 10-minute drive from the University of Oregon—college towns are home to some of the franchises most successful stores. This store is no exception, it was on track for $3.4MM in revenue in 2021.
SURROUNDED BY MAJOR LOCAL DEMAND DRIVERS
- Buffalo Wild Wings sits immediately adjacent to a city bus stop, driving major traffic to The Property.
- The Asset is just three miles from Oregon’s football arena, Autzen Stadium. Thousands of visitors pile into the center on game days.
- The property sits in an urban growth boundary, a local land use tool to control urban expansion that effectively limits future redevelopment within the area and creates barriers for future development—retail inventory has increased a mere 1.5% in the past decade.