Wingstop & Billy Sims BBQ

Investment Overview

Prime Net Lease is pleased to offer the opportunity to acquire the fee simple interest in a 2025 construction, dual-tenant Wingstop and Billy Sims BBQ property located at 1115 N. Roosevelt Avenue in Burlington, Iowa. The approximately 4,000-square-foot property is occupied by two established restaurant concepts that relocated from existing Burlington locations. Wingstop has operated in the Burlington market since 2019, while Billy Sims BBQ has maintained a presence in the market since 2016, providing both tenants with established operating histories and customer bases within the trade area. The property is secured by long-term NNN leases with approximately nine years of remaining term and a 9.2-year WALT. Both leases feature 10% rental increases every five years, providing consistent NOI growth throughout the investment period. Wingstop has four successive five-year renewal options, while Billy Sims BBQ has two successive five-year renewal options, each featuring continued rental increases. The Wingstop location is operated by an experienced 130+ unit operator, providing substantial multi-unit operating experience behind the location. Additionally, the Billy Sims lease is supported by a strong personal guaranty. Both locations have demonstrated strong store-level sales, resulting in attractive rent-to-sales ratios. The Property is strategically positioned along N. Roosevelt Avenue / U.S. Route 61, one of Burlington’s primary commercial corridors, with approximately 14,400 vehicles per day passing the site. The property is also immediately north of the U.S. Route 34 interchange, where traffic volumes increase to approximately 17,300 vehicles per day. The surrounding commercial corridor features numerous national retailers, restaurants, hotels and major demand generators, creating consistent consumer traffic throughout the trade area. This offering provides investors with the opportunity to acquire a 2025 construction, dual-tenant NNN asset featuring established restaurant concepts, strong store performance, contractual rental growth and approximately nine years of lease term remaining. The combination of a 130+ unit Wingstop operator, strong Billy Sims guaranty, proven operating histories and a highly visible location along one of Burlington’s primary commercial corridors makes the property a compelling net lease investment opportunity.

Investment Highlights

• ESTABLISHED RELOCATION STORES – Both tenants relocated from existing Burlington locations, providing demonstrated operating history within the market. Wingstop has operated in the area since 2019, while Billy Sims BBQ has operated locally since 2016.
• STRONG STORE PERFORMANCE – Both locations benefit from established customer bases and have generated strong sales performance (approximately $1.5 mill each), supporting the long-term viability of each tenant at the property.
• LONG-TERM NNN LEASES – The property features two long-term NNN leases with approximately 9 years of initial term remaining, providing an investor with durable income and limited landlord responsibilities.
• 10% RENTAL INCREASES – Both leases feature 10% rental increases every five years, providing consistent NOI growth and a hedge against inflation.
• ATTRACTIVE RENEWAL OPTIONS – Wingstop has four 5-year renewal options, while Billy Sims BBQ has two 5-year renewal options, each featuring continued 10% rental increases.
• EXPERIENCED WINGSTOP OPERATOR – The Wingstop business was recently acquired by a large, experienced 130+ multi-unit operator that is now operating the location, adding operational strength to an already established store.
• STRONG BILLY SIMS GUARANTY – The Billy Sims BBQ lease will be backed by a strong personal guaranty from an experienced multi-unit franchise operator, providing additional security to the property’s income stream.
• HIGH-TRAFFIC HIGHWAY LOCATION – Strategically positioned along N. Roosevelt Avenue / US-61 with approximately 14,400 VPD, immediately north of the US-34 interchange, where traffic volumes increase to approximately 17,300 VPD.
• NEW 2025 CONSTRUCTION – The approximately 4,000-square-foot, two-tenant retail building provides investors with a modern asset occupied by two established restaurant concepts with long-term operating histories in the Burlington market.