PDQ Tenant Overview
- Rental increase throughout primary term of the lease
- Absolute NNN ground lease
- Premier retail location
- Private company
- No credit ratings
- Some franchisee stores
PDQ, a private company, burst onto the fast casual food scene in 2011 and has since grown to 56 locations across 10 states. PDQ's stores have premier retail locations with high traffic counts.
PDQs are generally NNN or ground leases, leaving the investor with no landlord responsibilities. A brand new lease is usually 15 - 20 years with 10% increases every five (5) years with four (4), five (5) year options. Their locations typically feature a 3,000 - 4,000 square foot building and are usually situated on a 1.0 acre lot.
PDQ stands for "People Dedicated to Quality" and "Pretty Darn Quick," and it was founded in 2011 by former Outback Steakhouse founder Bob Basham and MVP Holdings CEO Nick Reader. PDQ is a fast casual restaurant specializing in fresh hand-battered chicken tenders, made-to-order sandwiches, daily cut fries, hand-spun milkshakes and fresh salads PDQ stores feature a hand-washing station near a counter area and an open kitchen so that customers can see the food being prepared. There are no microwave ovens in the store, and all sauces are made on location with no preservatives.
Since opening their first location in Tampa, PDQ has expanded across Florida and into Arizona, Georgia, Illinois, North Carolina, New Jersey, Nevada, South Carolina, Texas, and Utah. PDQ plans to expand into other cities in Florida and New York. Approximately 80% of PDQ stores are corporate owned while the rest are franchisees.
A typical PDQ store cost $1 million to open according to the president of PDQ, and they plan to trim $100,000-$150,000 off the $1 million cost for future locations. With about 75 employees per store, PDQ promises a level of hospitality designed to out-service quick service.
|Average Sale Price||$3,271,454|
|$/Square Foot||$780 - $1,000|
|Building SF||3,000 - 4,000|
|Lot Size||1.00 Acre|
|Lease Term||15 - 20 Years|
|Escalations||10% Every 5 Years|
|Deefield Beach, FL||5.10%|
|Orland Park, IL||5.62%|