Freddy's Frozen Custard & Steakburgers Celebrates Opening of 500th Restaurant

Estimated read time: 4 minutes and 45 seconds

Notable Sale: Adam Friedlander of Beta Agency, just sold this Chipotle:

• Price: $2,350,000 @ 4.91% CAP

• 14-Day DD / 21-Day Close / All-Cash

Notable Loan: Matthew Bucaro and Michael Bucaro of Tauro Capital Advisors, just funded this Wendy’s:

• Amount: $705,000 (50% LTV) @ 6.6% Fixed

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STEADY GROWTH FREDDY

Freddy's Frozen Custard & Steakburgers Opens 500th Restaurant, Demonstrating Strong Growth (Read Here)

Impressive growth: Freddy's has seen accelerated growth, with over 70 new development commitments added to its pipeline in 2023 through franchise development agreements. The brand anticipates opening more than 60 new locations throughout the country.

Expansion into new territories: In addition to its consistent growth, Freddy's has made strategic moves, such as opening its first restaurant within a Major League Baseball stadium at the St. Louis Cardinals' Busch Stadium. The brand also unveiled a new restaurant prototype at its corporate-owned location in Belleville, Illinois.

💰 THE MONEY SHOT

Continued success: Freddy's attributes its achievement to the dedication of its passionate franchise partners, exceptional team members, and the support of its valued guests. The brand's strong growth demonstrates its appeal and sets the stage for future success.

For a contact list of Freddy’s property owners reply “Freddy’s List” to this email.

RISK IT FOR THE BISCUIT

Retailers at Risk: Joann, Rite Aid, Big Lots, The Container Store, and Petco Face High Bankruptcy Probabilities (Read Here)

The Struggle is Real: The ongoing challenges in the retail industry, including weakening consumer spending, high costs, and supply chain disruptions, have increased the risk of bankruptcy for several major retailers. Companies like Joann, Rite Aid, Big Lots, The Container Store, and Petco are struggling with mounting debt and declining sales, leading to concerns about their future viability.

Debt as a determining factor: Several troubled retailers, including Joann and The Container Store, engaged in distressed debt exchanges. Retail bankruptcies in recent years have often involved leveraged buyouts, with private equity ownership contributing to the financial challenges. The reliance on debt and private equity ownership has left these retailers particularly vulnerable to economic downturns and industry disruption.

💰 THE MONEY SHOT

CreditRiskMonitor's FRISK scores indicate a significant chance of bankruptcy for these retailers within the next 12 months. Joann, Rite Aid, Big Lots, The Container Store, and Petco are all listed with probabilities ranging from 4% to 50%.

For a contact list of Big Box property owners reply “Big Box List” to this email.

MACY’S GETTIN’ WAVY

Macy's plans to open up to 30 small-format stores by 2025 (Read Here)

Off-mall strategy: Macy's small-format stores are located in off-mall shopping centers, allowing the retailer to reach more customers and optimize its physical store footprint. The stores feature a modern look, flexible fixtures, and larger fitting rooms.

Positive sales growth: Customers appreciate the curated product offerings and convenient locations of the small-format stores. Macy's has seen positive sales growth and high customer experience scores, with ease of checkout and friendly employees being highlighted.

💰 THE MONEY SHOT

Expanding the brand presence: Macy's plans to open up to 30 small-format stores by fall 2025, starting next year. These stores, about one-fifth the size of a traditional Macy's, offer a curated mix of products, collaborate with local businesses, and aim to provide a more localized shopping experience.

For a contact list of Macy’s property owners reply “Macy’s List” to this email.

TRIPLE NET TENDIES

🧠 Thought Leader: @RobertMSterling goes off on Twitter about how the shoplifting crisis crushes retail chains (Lowe’s, Walmart, Target, Home Depot)

👂 Ear Hustle: Crexi interviews Alex Sharrin, JLL’s Co-Head of Net Lease

💎 Web Gem: QSR Magazine Releases the 2023 Drive-Thru Report

NET LEASE NUGGIES

• Retail Revelry: 10 International Brands Elevating their U.S. Presence

• Walmart Opens First Pet Services Center: The center offers low, transparent pricing for routine veterinary care, grooming services, and a self-serve dog wash.

• Jack in the Box Plans Aggressive Expansion: The brand has unveiled a new store design and has incentivized existing and new franchisees to contribute to its expansion efforts.

• Exploitation and Intimidation: Subway Franchisees Ordered to Close Stores and Pay Back Wages

• Reclaim the Flame: Burger King’s average-unit volume in 2022 was $1.5M; estimated CAPEX remodel of $650,000

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