Bob Evans is a chain of family restaurants headquartered in Columbus, Ohio.
Bob Evans makes an attractive net lease tenant because of their investor friendly leases. In a series of sale-leasebacks, investors have been purchasing 20 year triple net leases with 2% annual increases. The triple net nature of the leases frees investors from any landlord responsibilities while the annual increases provide a great hedge against inflation.
The restaurants got their start in1948 when founder Bob Evans began making sausage on his southeastern Ohio farm to serve at a 12-stool diner he owned. Recently Bob Evans was split between the restaurant business and wholesaler of refrigerated side dishes. Golden Gate Capital purchased the restaurant half of the business in early 2017 while the rest of the business was bought by Post Holdings in January of 2018. Bob Evans owns and operates nearly 500 locations in 18 states, primarily in the Midwest, Mid-Atlantic, and Southeast regions of the United States.