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Popeyes, Macon, GA

Popeyes

Georgia, USA

Price $2,848,000
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 2022
Building Size 2,146 SF
Lot Size 0.699 acre (30,431 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
» Absolute NNN lease requires no landlord management, ideal for an out of area investor
» Long-term lease to strong and expanding operator with 130+ units
» Popeyes is the world’s second largest quick-service chicken concept, with 3,000 units
» New 2022 construction featuring dedicated drive-thru for added customer convenience
» Features latest Popeyes prototype and store concepts and a dedicated drive-thru (80% of Popeyes business is through drive-thru)

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED, AFFLUENT, AND GROWING AREA
» Located near the signalized hard-corner of Northside Drive and Forest Hill Road, with visibility and access to 30,740 vehicles per day directly
» Beneficial proximity to Interstate 75, a major Georgia thoroughfare connecting Atlanta and Savannah (89,600 AADT)
» 64,055 residents within a five-mile radius of the property, providing a large customer base for the location
» High average annual household income of $92,256 within three miles
» Projected 17 percent average annual household income increase within one mile of the site in the next five years, poising Popeyes and Macon for significant concurrent growth

POPEYES CONTINUES TO GAIN MARKET SHARE
» Popeyes opened 146 new restaurants in the United States over the past year and nearly 200 globally despite the pandemic
» Popeyes sales remains 25 percent above pre-pandemic levels
» Popeyes is testing a new loyalty program as part of a company-wide effort to bolster its digital sales across all its brands
» Sales have surged at Popeyes since it debuted its new chicken sandwich nearly two years ago—unit volumes are now approximately $1.8 million per year, compared with $1.4 million beforehand

INFILL LOCATION IN PRIMARY RETAIL CORRIDOR NEAR MAJOR COMMUNITY HUBS
» Outparcel to Northwoods Shopping Center, attracting crossover shopping to the location
» Within two miles of highly attended Macon schools, including Michael R. Null Middle School, Sonny Carter Elementary School, and Springdale Elementary School (combined 2,152 students)
» Common gateway to Atlanta, the most populous city in Georgia (488,800 population)


Property Description

SOLD

The property is infill real estate near the signalized hard-corner of Northside Drive and Forest Hill Road, with visibility and access to 30,740 vehicles per day. The location experiences increased traffic from its central placement at the confluence of major Georgia thoroughfares, including Interstate 75 (89,600 AADT). The site is located in a populous area, with 64,055 residents within a five-mile radius of the property, providing a large customer base for the location. The property is located in an affluent area as well, with a high average annual household income of $92,256 within three miles. The location is primed to grow along with the surrounding area, with a projected 17 percent average annual household income increase within one mile of the site in the next five years.

The site is located in Macon’s primary retail corridor and near major community hubs. The property is outparcel to Northwoods Shopping Center, attracting crossover shopping to the location. Surrounding the location is the primary retail corridor of Macon with a strong mix of well-established local and national retailers, including Kroger, Food Depot, CVS Pharmacy, Zaxby’s, Taco Bell, KFC, and many more. The property benefits from its convenient location near highly attended Macon schools, including Michael R. Null Middle School, Sonny Carter Elementary School, and Springdale Elementary School (combined 2,152 students). The location is also surrounded by multiple shopping centers and plazas, including Rivergate Shopping Center and The Shoppes at River Crossing. The property conveniently serves as a common gateway to Atlanta, the most populous city in Georgia (488,800 population).

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