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