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Popeyes, Kennesaw, GA

Popeyes, Kennesaw, GA


Investment Summary

Price $2,567,000
Cap Rate 5.65%
NOI $145,000
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 2,145 SF
Lot Size 0.93 acres (40,511 SF)
Status Available
Lead Brokers Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

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

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE WITH A STRONG GUARANTY
» New 15-year absolute NNN lease, ideal for an out-of-area investor
» Guaranteed by Purple Square Management, owner and operator of over 245 franchise locations with 280+ by the end of 2023
» 10% rental increases every five (5) years, providing a hedge against inflation
» High-quality 2023 construction featuring a dedicated drive-thru for added customer convenience (drive-thru captures 80% of Popeyes’ business)

POPEYES CONTINUES TO GAIN MARKET SHARE
» Popeyes is the world’s second-largest quick-service chicken concept with 3,705+ units globally, with 3,000+ units in the U.S. and Canada
» Popeyes opened 208 restaurants in 2021 in the U.S. and Canada
» Popeyes has an annual revenue of $579 million (2021) in the U.S. and $5.51 billion system-wide sales
» Popeyes has ramped up delivery significantly in the U.S. resulting in $250M in additional revenue

SIGNALIZED HARD-CORNER LOCATION IN THE HEART OF KENNESAW’S TRADE AREA
» Signalized hard-corner location with access to over 11,800 vehicles per day directly in front of the site and access to an additional 35,300 vehicles from nearby Cherokee Street Northwest
» Prominent location one mile from Interstate 75 with excellent freeway access to 137,000 vehicles per day
» Trophy setting in a dense retail corridor near major high-traffic national tenants such as The Home Depot, Kroger, Publix, Big Lots, Chick-fil-A, McDonald’s, Starbucks, and many more
» Less than two miles from Kennesaw State University (42,000+ students, 4,834 employees, $1.8B annual economic impact), attracting significant additional traffic to the site

LARGE AND AFFLUENT LOCATION IN GROWING ATLANTA SUBURB
» Large customer base with 187,252 residents living within a five-mile radius (14% increase since 2010)
» Located in an affluent area with an average annual household income of $107,127 within five miles
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise Popeyes and Kennesaw for steady concurrent growth
» Gateway to Downtown Atlanta, the most populous city in Georgia (498,715 residents), and part of the ninth-largest metro area in the U.S. (6.1 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

Property Description

» This Popeyes has a signalized hard-corner location with access to over 11,800 vehicles per day directly in front of the site and access to an additional 35,300 vehicles from nearby Cherokee Street Northwest
» The site is less than two miles from Kennesaw State University (42,000+ students, 4,834 employees, $1.8B annual economic impact), attracting significant additional traffic to the site
» 187,252 residents live within five miles of the property (14% growth since 2010) with a high average annual household income of $107,127 within a five-mile radius, which is projected to increase 18% by 2027, poising Popeyes and Kennesaw for steady concurrent growth
» The site is a gateway to Downtown Atlanta, the most populous city in Georgia (498,715 residents), and part of 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

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