PJW Restaurant Group Portfolio

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer qualified investors the opportunity to purchase the PJW Restaurant Group Portfolio (the “Portfolio” or “Offering”), a portfolio of 12 single-tenant restaurant assets leased to affiliates of PJW Restaurant Group (the “Tenant”, “PJW”, or “Company”) throughout New Jersey and Pennsylvania under absolute NNN leases. The Portfolio features an average remaining lease term of approximately 14.5 years and a corporate guaranty for each lease. The offering allows investors to acquire top performing sites throughout the Philadelphia MSA that comprise nearly 50% of the PJW Restaurant Group (Guarantor) footprint.

CORPORATE GUARANTY FROM LARGEST RESTAURANT CHAIN IN THE REGION 

• PJW Restaurant Group is the largest neighborhood pub and restaurant chain in the Greater Delaware Valley region, which is comprised of eastern Pennsylvania and the surrounding states of Delaware, Maryland, and New Jersey inclusive of the Philadelphia Metro. The Company has strategically grown throughout the region over the last 39+ years and will be able to successfully take the next step in its phase of growth with the capital-backing and strong track record of the sponsor: Garnett Station Partners. Investors will benefit from a strong corporate guaranty from the parent entity.

EXCEPTIONAL SITE-LEVEL PERFORMANCE AND COVERAGE METRICS

• The Portfolio is made up of 12 high-performing sites that are critical to the overall success of PJW Restaurant Group. Across the Portfolio, 2021 sales PSF was an impressive $490 PSF at an Adj. EBITDAR margin of 25.3%. Further, 2021 Adj. EBITDAR-to-rent coverage was 3.7x – providing prospective investors with ample cushion in a downturn scenario. Performance across the Portfolio bounced back strong in 2021 and has returned to be materially in-line with pre-COVID metrics.

WELL-LOCATED REAL ESTATE 

• The 12 sites are all strategically located in affluent suburbs with high visibility to street and foot traffic. Average vehicles passing each site per day is ~22,600 across the portfolio while median household income within 1-mile of the sites is an impressive ~$92,900.

IDEAL LONG-TERM NET LEASES WITH ANNUAL INCREASES 

• The in-place Absolute NNN leases provide for a truly passive investment with no landlord obligations. Additionally, investors will benefit from 2.00% annual base rent increases across the portfolio as a hedge against inflation.