| Metric | Details |
|---|---|
| Entity / Legal Name | Arby’s Restaurant Group, Inc. (subsidiary of Inspire Brands LLC) |
| Parent Company | Inspire Brands LLC (owned by Roark Capital Group) |
| S&P Rating | B |
| Investment Grade Status | Non‑Investment Grade — Highly Speculative |
| Sector | Restaurant / Quick Service (QSR) |
| US Location Count | ~3,400+ restaurants |
| Inspire Brands Total | 33,300+ locations across 6 brands, $33.4B system-wide sales |
| Cap Rate Range | 5.75% – 7.00% |
| Typical Lease Term | 15 – 20 years (NNN) |
| Guarantee Type | Varies: Corporate (Arby’s Restaurant Group) or franchisee |
| Typical Building Size | 2,800 – 3,800 SF (freestanding with drive-thru) |
| Typical Price Range | $2,000,000 – $5,000,000 |
Arby’s Business Overview & NNN Investment Profile
Arby’s is the largest roast beef QSR brand in the world and the founding brand of Inspire Brands, one of the largest restaurant companies globally. Operating approximately 3,400 U.S. locations, Arby’s underwent a dramatic turnaround under Roark Capital ownership beginning in 2011, posting more than 20 consecutive quarters of same-store sales growth and famously positioning itself with the “We Have the Meats” campaign. Arby’s success provided the platform and credibility for Inspire to acquire Buffalo Wild Wings (2018), Sonic (2018), Jimmy John’s (2019), and Dunkin’ Brands (2020) in rapid succession, building a $33.4 billion system-wide sales empire.
Inspire Brands is backed by Roark Capital Group, an Atlanta-based PE firm that also controls CKE Restaurants (Hardee’s / Carl’s Jr.) and Focus Brands (Cinnabon, Auntie Anne’s). As of March 2026, Roark is reportedly considering an IPO for Inspire Brands that could raise approximately $2 billion, which would provide meaningful financial transparency and potentially improve the credit profile. Arby’s operates a mix of company-owned and franchised locations, with over 1,000 corporate restaurants, giving NNN investors access to both guarantee types. The S&P B rating reflects Inspire’s highly leveraged PE-backed capital structure rather than its operational strength.
Inspire Brands carries an S&P B rating reflecting the leveraged capital structure typical of Roark Capital portfolio companies. Despite the speculative-grade rating, Inspire’s operational scale is extraordinary: $33.4 billion in system-wide sales across 33,300+ restaurants makes it one of the five largest restaurant companies in the world. The potential 2026 IPO could catalyze a credit upgrade as Inspire deleverages and gains access to public equity markets. NNN leases on corporate-owned Arby’s locations benefit from the full Inspire platform, while franchisee-guaranteed deals depend on individual operator strength. Other Inspire portfolio brands: Buffalo Wild Wings, Sonic Drive-In, Dunkin’, Jimmy John’s, and Baskin-Robbins.
Cap Rate Analysis & Pricing for Arby’s NNN Properties
Arby’s NNN properties trade in the 5.75% to 7.00% cap rate range as of Q1 2026. Corporate-guaranteed locations with drive-thrus and long remaining terms trade at the tighter end. Franchisee-guaranteed deals range wider depending on operator quality. Pricing typically ranges from $2 million to $5 million for freestanding drive-thru restaurants of 2,800 to 3,800 SF.
| Comparable Restaurant NNN Tenant | S&P / Moody‑s | Cap Rate Range |
|---|---|---|
| Burger King (RBI) | BB / Ba3 | 5.50% – 7.00% |
| Wendy‑s | B / Ba3 | 5.50% – 6.75% |
| Sonic (Inspire portfolio) | B | 5.50% – 6.75% |
No. Arby’s parent Inspire Brands carries an S&P B rating. However, Inspire’s $33.4 billion in system sales and potential 2026 IPO could improve the credit trajectory.
Arby’s NNN properties trade in the 5.75% to 7.00% cap rate range as of Q1 2026.
Inspire Brands operates six brands: Arby’s (~3,400 US), Dunkin’ (~9,500 US), Sonic (~3,500 US), Buffalo Wild Wings (~1,200 US), Jimmy John’s (~2,700 US), and Baskin-Robbins (~2,300 US).
Yes. If Inspire goes public and uses proceeds to reduce debt, the resulting credit improvement could compress cap rates by 25 to 75 basis points on corporate-guaranteed Arby’s NNN leases. Investors buying now at B-rated pricing could see meaningful appreciation if the IPO materializes.
The Only Arby’s NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — Arby’s NNN properties sourced with Inspire Brands corporate vs. franchisee guarantee verification and drive-thru location analysis before you commit.
Fund It — The potential Inspire IPO creates a compelling credit improvement story. We have 150+ lender relationships to find competitive QSR NNN financing.
Exit It — Selling an Arby’s property? Drive-thru QSR backed by one of the world’s largest restaurant companies attracts deep buyer demand. We maximize your exit.
Get Your Free Arby’s NNN Consultation →
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Related NNN Tenants
Own a Arby's Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Arby's NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Arby's NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Arby's properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Arby's portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Arby's buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
