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Popeyes, Eastman, GA

Popeyes, Eastman, GA


Investment Summary

Price $2,305,000
Cap Rate 5.25%
NOI $121,000
Lease Term 20 Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 2,146 SF
Lot Size 2.71 Acres (118,048 SF)
Status Sold
Lead Brokers Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN LEASE
» New 20-year absolute NNN lease
» 10% rental increases every five years, providing an excellent hedge against inflation
» Requires no landlord management, ideal for an out-of-area investor
» Leased to Sailormen, a strong and expanding operator with 200+ units
» Popeyes is the world’s second-largest quick-service chicken concept, with 3,771+ units

POPEYES CONTINUES TO GAIN MARKET SHARE
» Popeyes opened 146 new restaurants in the U.S. over the past year and nearly 200 globally despite the pandemic
» Popeyes has ramped up delivery significantly in the U.S. resulting in $250M in additional revenue

HIGH-VISIBILITY LOCATION NEAR LARGE EASTMAN SCHOOLS, HOSPITALS, AND COMMUNITY HUBS
» Located along U.S. Route 23/Oak Street, with excellent visibility and access to 10,300 vehicles per day
» Walking distance from a Harvey Supermarkets-anchored shopping center, with nearby tenants such as Walmart Supercenter, McDonald’s, Zaxby’s, and Burger King, promoting crossover traffic to the location
» Across the street from Dodge County High School and Dodge County Middle School (combined 1,564 students), attracting significant lunchtime traffic
» Two miles from Dodge County Hospital (94 beds, 290 employees), a top area employer, providing a nearby, ideal customer base for the site
» 25,635 residents within a 15-mile radius
» Gateway to Atlanta, the most populous city in Georgia (498,715 residents), and the ninth-largest metro area in the U.S. (over six million people)
» Georgia’s business climate has been ranked #1 in the nation for the eighth consecutive year by Site Selection and Area Development ranked Georgia the top state for doing business for the seventh year in a row

NEW 2022 CONSTRUCTION
» Brand new 2022 high-quality construction
» Features latest Popeyes prototype and store concepts and a dedicated drive-thru (80% of Popeyes business is through the drive-thru)
» Large 2.71-acre parcel

Property Description

SOLD

» The property is conveniently along U.S. Route 23/Oak Street, with excellent visibility and access to 10,300 vehicles per day
» Located in a large retail corridor, the property is walking distance from a Harvey Supermarkets-anchored shopping center, with nearby tenants such as Walmart Supercenter, McDonald’s, Zaxby’s, and Burger King, promoting crossover traffic to the location
» This Popeyes draws from a large and established customer base and resides across the street from Dodge County High School and Dodge County Middle School (combined 1,564 students), attracting significant lunchtime traffic
» Georgia’s business climate has been ranked #1 in the nation for the eighth consecutive year by Site Selection and Area Development ranked Georgia the top state for doing business for the seventh year in a row
» The location serves as a common gateway to Atlanta, the most populous city in Georgia (498,715 residents), and the ninth-largest metro area in the U.S. (over six million people)
» Two miles from Dodge County Hospital (94 beds, 290 employees), a top area employer

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