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Popeyes

Memphis, Tennessee

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Marcus & Millichap is pleased to present the exclusive listing for a Popeyes located at 1430 E. Brooks Rd in Memphis, TN. The site consists of roughly 2,473 rentable square feet of building space on estimated 0.68-acre parcel of land. This Popeyes is subject to a 20-year absolute triple-net (NNN) lease, which commenced January 30th, 2020. The current annual rent is $133,503 and is scheduled to increase by 1.00% annually throughout the base term and in each of the 6, 5-year renewal options.

About the Investment:

✓ Long-Term, 20-Year Absolute Triple Net (NNN) Lease
✓ Approximately 17.5 Years Remaining
✓ One Percent (1%) Annual Rental Increases
✓ Six (6), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 50 Years

About the Location:

✓ Dense Urban Infill | McDonald’s, The Travel Lodge, Enterprise Rent A Car, Dollar General, Burger King, Subway, as well as many others.
✓ Strong Academic Presence | Approximately Seven Miles From the University of Memphis | Approximately 20,500 Students Enrolled
✓ Quality Demographics | Population Exceeds 55,192 Individuals Within a Three-Mile Radius and 180,000 Individuals Within a Five-Mile Radius
✓ Excellent Real Estate Fundamentals | Within 2.5 Miles of Memphis International Airport – Serves Over 3,000,000 Passengers Annually
✓ Strong Traffic Counts | Over 105,000 and 16,000 Vehicles Per Day Along Interstate 55 and East Brooks Road
✓ Memphis | Second Most Populous City in Tennessee | Income Tax Free State

About the Tenant/Brand:

✓ Founded in New Orleans, Louisiana in 1972, Popeyes® Louisiana Kitchen is the world’s second largest quick-service chicken restaurant, based on the number of units with approximately 3,100 locations around the world.
✓ Popeyes was acquired on March 27, 2017 for a total consideration of $1.7 billion by Restaurant Brands International (NYSE: QSR).
✓ Tenant on the Lease is Frayser Quality, LLC | Operates 60+ Popeyes and Rapidly Growing
✓ Lease Guaranteed by New CFH, LLC | 230-Unit Entity | New CFH, LLC is a wholly owned subsidiary of Carrols Restaurant Group, Inc.
✓ Strong Track Record With Proven Operational Expertise

Key Details

Price:
$2,592,291
Cap Rate:
5.15%
Annual Rent:
$133,503
Address:
1430 E. Brooks Rd, Memphis, Tennessee 38116
Property Type:
Restaurant - Quick Service
Lease Type:
Triple Net (NNN)

Original Lease Term:
20 Years
Lease Commencement:
January 30, 2020
Lease Expiration:
January 31, 2040
Lease Term Remaining:
17.5 + Years
Rental Increases:
1% Annually
Lot Size:
0.68 Acres
Building Size:
2,473 SF
Year Built:
2004
Tenant:
Popeyes

Talk to the pros

Glen Kunofsky

License: 49KU1129178

James Westerberg

License: 10401304686

Francis Purritano

License: 10401333619

Matthew McClellan

Broker of record

Jody McKibben

License: 307629


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