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Popeyes, Valdosta, GA

Popeyes

Georgia ,

Price $3,000,000
Cap Rate
NOI
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 2021
Building Size 1,930 SF
Lot Size 0.697 Acres (30,361 SF)
Status Sold
Lead Broker Information 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
» 10% rental increases every five years, providing an excellent hedge against inflation
» Four (4) option periods of five (5) years each
» Absolute NNN lease requires no landlord management, ideal for an out of area investor
» Long-term lease to Sailormen, a strong and expanding operator with 130+ units
» Popeye’s is the world’s second largest quick-service chicken concept, with 3,000 units
» New 2021 construction featuring dedicated drive-thru for added customer convenience

POPEYES CONTINUES TO GAIN MARKET SHARE
» Popeyes’ new chicken sandwich has provided a historic sales boost – visits are 114.8% above the company’s baseline since the chicken sandwich launched
» Popeyes’ new chicken sandwich has helped push $400,000 in added sales, per restaurant, across Popeyes’ entire mature base
» Popeyes is proving to be COVID-proof and a pioneer in the fast food industry with its delivery program
» Popeyes has ramped up delivery significantly in the U.S. resulting in $250MM in additional revenue

HIGH-TRAFFIC LOCATION IN POPULATED AND GROWING AREA
» Located on Norman Drive, with visibility to 15,100 vehicles per day in front of the site
» Central location at the confluence of highly trafficked Georgia thoroughfares, including Interstate 75 (51,900 AADT) and State Route 133/St. Augustine Road (27,500 AADT)
» 69,933 residents within a five-mile radius of the property, providing a large customer base for the location

INFILL LOCATION IN PRIMARY RETAIL CORRIDOR
» Located within the Promenade Shopping Mall, a 64,000-SF shopping center
» Across the street from Valdosta Mall, the only enclosed regional shopping center within a 75-mile radius (70 stores, 560,000 SF)
» Less than two miles from Valdosta State University (11,270 students, 1,828 employees)
» Beneficial proximity to Valdosta Regional Airport (1.2 million annual boarded passengers)

NEW 2021 CONSTRUCTION WITH DRIVE-THRU
» Features latest Popeyes prototype and store concepts and a dedicated drive-thru (80% of Popeyes business is through drive-thru)
» Brand new high-quality construction


Property Description

SOLD
The property is infill real estate along Norman Drive, with visibility and access to 15,100 vehicles per day directly in front of the site. The site experiences increased traffic from its location at the confluence of highly trafficked Georgia thoroughfares, including Interstate 75 (51,900 AADT) and State Route 133/St. Augustine Road (27,500 AADT). The site is located in the densely populated Lowndes County area, with 69,933 residents living within a five-mile radius of the site. The property is primed to grow along with the surrounding area, with a projected 15 percent average annual household income increase within one mile of the site in the next five years.

The site is located in Valdosta’s primary retail corridor and near major community hubs. The property is located within the Promenade Shopping Mall, a 64,000-SF shopping center featuring multiple national retailers. The location is across the street from Valdosta Mall, the only enclosed regional shopping center within a 75-mile radius (70 stores, 560,000 SF). Surrounding the location is the primary retail corridor of Valdosta with a strong mix of well-established local and national retailers, including Target, The Home Depot, Best Buy, Lowe’s, Tractor Supply Co., Kohl’s, and many more. The property benefits from its convenient location less than two miles from Valdosta State University (11,270 students, 1,828 employees). The location also maintains a beneficial proximity to Valdosta Regional Airport, which experiences 1.2 million annual boarded passengers.

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