Bob Evans Tenant Overview


  • Large parcel of land, generally over 1 acre
  • Rental increases during the term of the lease


  • Private company
  • Casual Dining sector is being redefined

Tenant Description

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.

Average Cap Rate
12 mo avg with 10+ yr lease term
Average Property & Lease
Average Sale Price $3,270,273
NOI $175,886
$/Square Foot $545 - $654
Building SF 5,000 - 6,000
Lot Size 1.0 - 1.5 Acres
Lease Term 20 Years
Escalations 2% Annually
Stock Symbol N/A
Credit Rating
Moody's N/A
Average Cap Rate Trend
Rates reflect last 12 mos, short and long-term
Recent Sales Comps
Cambridge, OH 5.48%
Fremont, OH 5.80%
Battle Creek, MI 6.42%