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Popeyes Sale-Leaseback

Frederickson, Washington

Marcus & Millichap is pleased to present the exclusive listing for a Popeyes located at 17021 Canyon Parkway East in Frederickson, WA. The property consists of 2,333 square feet of building space and is situated on an estimated 0.91-acres of land. The tenant is subject to a 20-year absolute triple net (NNN) lease, that commenced on 9/30/2021. The base rent is $176,680 and will increase by 2.00% percent annually starting in year six and continuing throughout the base term and into each of the four (4), five (5)-year tenant renewal option periods.

About the Investment
✓ Brand New 19-Year Lease
✓ Triple Net (NNN) Lease with Zero Landlord Responsibilities
✓ Attractive Rental Increases of Two Percent (2.0%) Annually Beginning in Year 6
✓ Four (4) Tenant Renewal Periods of Five (5) Years Each

About the Location
✓ Dense Urban Infill | Walmart, Target, Walgreens, HomeGoods, AutoZone, O’Reilly Auto Parts,
Kohl’s, Ross, AT&T, JoAnn Fabrics, Safeway, Taco Bell, McDonald’s, and Starbucks, and More
✓ Nearby Student Presence | Rogers High School and Stahl Junior High School Within Minutes |
Combined Enrollment Exceeding 2,550 Students
✓ Affluent Community | Average Income Within a Three-Mile Radius Exceeds
$100,000
✓ Strong Traffic Counts | Canyon Pky E and Meridian Ave| Average Daily Traffic Counts of 56,400 and
44,300 Vehicles, Respectively
✓ Compelling Location Fundamentals | Bedroom Community of Tacoma, WA | Third Largest City in
Washington | Property Located on a Thoroughfare to Tacoma
✓ Robust Demographics | 195,014 Residing Within 5 Miles | 525,137 Within Ten Miles

About the Tenant / Brand
✓ Popeyes is the World’s Second Largest Quick Service Chicken Concept
✓ Popeyes is a Unique, Highly-Differentiated Brand – Internationally-recognized Louisiana heritage
since 1972
✓ Ambrosia QSR is a Well-Funded Developer and Operator of Burger King and Popeyes Locations
Throughout Washington and Oregon
✓ ick Serve Holdco, LLC| A 150+ Unit Popeyes and r King Entity with Plans for
Expansion*

Key Details

Price:
$3,719,576
Cap Rate:
4.75%
Annual Rent:
$176,680
Address:
17021 Canyon Parkway East, Frederickson, Washington 98446
Property Type:
Net-Leased Restaurant
Lease Type:
Triple Net (NNN)

Original Lease Term:
20 Years
Lease Commencement:
9/30/2021
Lease Expiration:
9/30/2041
Rental Increases:
2.00% Annually Starting Year 6
Lot Size:
0.91 Acres
Building Size:
2,333 SF
Year Built:
2022
Tenant:
Popeyes Sale-Leaseback

Talk to the pros

Glen Kunofsky

License: 49KU1129178

Edward Otocka

License: 10401298466

Amelia Haydock

License: 10401334976

Charles Deckas

License: 10401358656

Broker of record

Joel Deis

License: 90758


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