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Popeyes Ground Lease, Tupelo, MS

Popeyes Ground Lease

Mississippi ,

Price $1,889,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases In Initial Term And Options
Year Built 2022
Building Size 2,136 SF
Lot Size 0.88 Acres (38,333 SF)
Status Sold
Lead Broker Information 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

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» Popeyes is one of the world’s largest chicken quick-service restaurants with over 3,500 restaurants
» New absolute NNN ground lease with guaranty
» 10% rental increases throughout lease, providing an excellent hedge against inflation
» Requires no landlord management, ideal for an out of area investor
» 2022 construction with a dual-lane drive-thru for added customer convenience

OUTPARCEL TO KROGER ANCHORED RETAIL CENTER
» Outparcel to Kroger-anchored center and across from King’s Crossing (18 stores), Big Oaks Crossing (20 stores), and across from The Mall at Barnes Crossing (100 stores, 700,000+ square feet of retail space), attracting 13.2 million annual customers
» Located at the signalized intersection of Barnes Crossing Road and Mall Drive, with excellent visibility and access to 19,000 vehicles per day
» Immediate access to U.S. Highway 45/ Martin Luther King Drive (39,000 AADT)
» Central location between two large trade areas, Memphis, Tennessee (633,104 residents) and Birmingham, Alabama (200,733 residents)
» Proximity to Interstate 22 (32,000 AADT), a major transportation corridor connecting Memphis and Birmingham
» Surrounded by popular national retailers, including Walmart Supercenter, Kroger, Sam’s Club, The Home Depot, Hobby Lobby, OfficeMax, Chick-fil-A, and many more

INFILL LOCATION WITH IMMEDIATE ACCESS TO ESTABLISHED CUSTOMER BASE
» 104,635 residents live within a 15-mile radius of the property, providing a large customer base for the location
» Average annual household income of $76,357 within five miles, which is projected to increase nine percent in the next five years, poising Popeyes and Tupelo for concurrent growth
» One mile from North Mississippi Medical Center (640 beds, 7,100 employees system-wide)
» Minutes from Itawamba Community College campuses (4,800+ students)
» Near several large hotel chains, including Fairfield Inn & Suites by Marriott Tupelo (87 rooms), Best Western Plus Tupelo Inn & Suites (72 rooms), Comfort Suites (75 rooms), and many more, all within a five-mile radius
» 13 miles from Toyota Motor Manufacturing MS (1,900 employees), increasing commuter traffic in the area


Property Description

SOLD
This Popeyes is located at the signalized intersection of Barnes Crossing Road and Mall Drive, with excellent visibility and access to 19,000 vehicles per day in front of the site. The property is an outparcel to Thompson Square Shopping center, which is anchored by Kroger. It is also across from King’s Crossing (18 stores) and Big Oaks Crossing (20 stores), providing crossover shopping traffic to the location. Additionally, the property is across from The Mall at Barnes Crossing (100 stores), which attracts 13.2 million annual customers with over 700,000 square feet of retail space. The site is surrounded by several local and national retailers, including Walmart Supercenter, Kroger, Sam’s Club, The Home Depot, Hobby Lobby, OfficeMax, Chick-fil-A, and many more.

The property is centrally located between two large trade areas, Memphis, Tennessee (633,104 residents) and Birmingham, Alabama (200,733 residents). The site provides immediate access to U.S. Highway 45/ Martin Luther King Drive (39,000 AADT) and maintains beneficial proximity to Interstate 22 (32,000 AADT), a major transportation corridor connecting Memphis and Birmingham. The property is close to major area employers including North Mississippi Medical Center (640 beds, 7,100 employees system-wide) and Toyota Motor Manufacturing MS (1,900 employees). The site is minutes from the Itawamba Community College campuses (4,800+ students), increasing commuter traffic in the area. The property is near several large hotel chains including Fairfield Inn & Suites by Marriott Tupelo (87 rooms), Best Western Plus Tupelo Inn & Suites (72 rooms), Comfort Suites (75 rooms), and more, all within a five-mile radius. 104,635 residents live within a 15-mile radius of the property, providing a large customer base for the location. The average annual household income is $76,357 within five miles and is projected to increase nine percent by 2026, poising Popeyes and Tupelo for significant concurrent growth.

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