Popeyes
Cornelia, GA
| Price | $2,319,000 |
| Cap Rate | 5.50% |
| NOI | $127,500 |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN, with Tenant Responsible for All Insurance, Taxes, and Maintenance, Including Roof, Structure, and Parking Lot |
| Rental Increases | 10% Rental Increases Every 5 Years |
| Year Built | 2018 |
| Building Size | 2,695 SF |
| Lot Size | 1.32 Acres (57,549 SF) |
| Status | Available |
| Lead Broker Information | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
LONG-TERM ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» 15-year guaranty from 100+ unit operator
» New 15-year NNN lease with no landlord responsibilities
» 10% fixed rental increases every five years in initial term and option periods, providing a hedge against inflation
HIGH-TRAFFIC LOCATION WITH LARGE CUSTOMER BASE
» 24,200 vehicles per day directly in front of the site on U.S. Highway 441 Business, Cornelia’s primary retail corridor
» Convenient access to U.S. Highway 441, a major commercial and tourist thoroughfare through several large urban areas, with a high traffic count of 33,300 vehicles per day
» Close proximity to the industrial operations of some of Habersham County’s largest employers: Fieldale Farms (2,500 employees), Ethicon (600 employees), TenCate (230 employees), and GlobalTech Industries (200 employees)
» Near Habersham Medical Center (159 beds, 700 employees, and an annual economic impact of over $89 million) and Piedmont College (2,264 students)
» Habersham County and Northeast Georgia have a reputation as one of the finest outdoor recreation areas in the U.S. and are visited by millions of tourists each year
NEW 2018 CONSTRUCTION
» Built in 2018 to tenant’s exact specifications
» Latest Popeyes prototype
» Features a dedicated drive-thru, providing additional convenience to customers and increasing sales revenue
Property Description
The property is located on U.S. Highway 441 Business, with excellent access and visibility to 24,200 vehicles per day. U.S. Highway 441 is located less than half a mile from the property. U.S. Highway 441 is a connector between several major urban areas, including Gainesville, Athens, and Knoxville, and it experiences a high traffic count of 33,300 vehicles per day. The property’s close proximity to U.S. Highway 441 allows Popeyes to benefit from the heavy commuter and tourist traffic traveling along this major transportation corridor. The property is also located in Cornelia’s primary retail corridor and is close to several large shopping centers and major national retailers. Habersham Hills, located directly across from the property, is anchored by Tractor Supply, Goodwill, and Goody’s. Other major tenants in the nearby area include Walmart Supercenter, Lowe’s, Hibbett Sports, Big Lots, Verizon, O’Reilly Auto Parts, Zaxby’s, Waffle House, AutoZone, Dollar General, and many others.
The property benefits from its central location near several of the region’s economic engines. The property is close to the industrial operations of several companies, which represent some of the largest employers in the area. Fieldale Farm’s chicken processing plant is less than three miles away. Fieldale Farms is the largest employer in Northeast Georgia and in Habersham County, and employs 2,500 people at its Cornelia facility. The property is also near the industrial facilities for Ethicon (600 employees), GlobalTech Industries (200 employees), and TenCate (230 employees). Habersham Medical Center is less than three miles away; the 159-bed hospital has over 700 employees and an annual economic impact of more than $89 million. Piedmont College is just over a mile from the property. The school has over 2,260 students and has recently completed several major developments, including Piedmont Village and a $16 million Student Commons, complete with a dining hall, fitness center, the official Piedmont College bookstore, and a Starbucks cafe. The Demorest campus is primarily a residential campus, with ten dormitories that together house about 600 students. The new Piedmont Village houses an additional 180 students, creating a large customer base for Popeyes.
