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Popeyes, Ellijay, GA

Popeyes

Ellijay, GA

Price $2,934,000
Cap Rate 4.50%
NOI $132,000
Lease Term 15 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 2,145 SF
Lot Size ±1.78 Acres (77,537 SF)
Status Available
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 15-YEAR ABSOLUTE NNN LEASE WITH A STRONG GUARANTY
» New 15-year absolute NNN lease with a strong franchise guaranty
» Guaranteed by Purple Square Management, owner and operator of over 223 franchise locations
» 10% rental increases every five years, providing an excellent hedge against inflation
» Requires no landlord management, ideal for an out of area investor
» New 2022 construction featuring a dedicated drive-thru for added customer convenience (drive-thru captures 80% of Popeye’s business)

POPEYES CONTINUES TO GAIN MARKET SHARE
» Popeyes is the world’s second-largest quick-service chicken concept, with over 3,771 units
» Popeyes’ new chicken sandwich has provided a historic sales boost – visits are 114.8% above the company’s baseline since the chicken sandwich launched
» Popeyes’ new chicken sandwich has helped push $400,000 in added sales, per restaurant, across Popeyes’ entire mature base
» Popeyes has ramped up delivery significantly in the U.S. resulting in $250M in additional revenue

HIGH-VISIBILITY LOCATION NEAR STRONG TRAFFIC DRIVERS
» Located along Highland Crossing with excellent visibility and access to 20,600 vehicles per day on State Route 515
» Near Walmart Supercenter and immediately surrounded by a strong mix of local and national tenants such as Lowe’s Home Improvement, CVS, Chick-fil-A, IHOP, Starbucks, Dunkin’, Wendy’s, McDonald’s, and many others
» Walking distance to Mountain Cinemas and Comfort Inn & Suites (58 rooms) with proximity to nearby hotels such as Stratford Motor Inn East Ellijay (60 rooms) and Best Western Mountain View Inn (49 rooms), promoting crossover traffic to the site
» 3.5 miles from Coosawatee River Resort, a 5,500-acre amenity-packed resort
» Less than three miles from Piedmont Hospital, a free-standing emergency department extension of the Piedmont Mountainside Hospital (52-beds), offering 24-hour access to the community
» Near well-attended schools including, Gilmer High School (1,233 students), Mountainview Elementary School (700 students), and Ellijay Elementary School (647 students)
» Four miles from Dalton State College – Gilmer Campus (4,535 total students across campuses)
» Convenient location near several county offices including the Health Department, City Hall, and Sherriff’s office, increasing traffic in the area
» Central location between two major cities, Chattanooga, Tennessee (67 miles) and Atlanta, Georgia (76 miles)


Property Description

Popeyes is strategically located along Highland Crossing with excellent visibility and access to 20,600 vehicles per day near the site on State Route 515. The property is near Walmart Supercenter and immediately surrounded by a strong mix of local and national tenants such as Lowe’s Home Improvement, CVS, Chick-fil-A, IHOP, Starbucks, Dunkin’, Wendy’s, McDonald’s, and many others, promoting crossover traffic to the location. The site is within walking distance to Mountain Cinemas and Comfort Inn & Suites (58 rooms) with proximity to nearby hotels such as Stratford Motor Inn East Ellijay (60 rooms) and Best Western Mountain View Inn (49 rooms). The property is 3.5 miles from the Coosawatee River Resort, a 5,500 acres amenity-packed resort with four parks, a stocked fishing pond, two swimming pools, a recreation center, tennis courts, a conference center, an RV park, campgrounds, and cozy cabin rentals. The site is also less than three miles from Piedmont Hospital, a free-standing emergency department extension of the Piedmont Mountainside Hospital (52-beds), offering 24-hour access to the community. The property is near well-attended schools including, Gilmer High School (1,233 students), Mountainview Elementary School (700 students), Ellijay Elementary School (647 students), and North Georgia Christian Academy (104 students). Additionally, the site is just four miles from Dalton State College – Gilmer Campus (4,535 total students across campuses), a top public school according to U.S. News & World Report in 2022 (#21-#27 among Regional Colleges South).

The property is in a convenient location near several county offices including the Health Department, City Hall, and Sherriff’s office, increasing traffic in the area. The site is centrally located between two major cities: Chattanooga, Tennessee (67 miles) and Atlanta, Georgia (76 miles). The property maintains beneficial proximity to Gilmer County Airport, Pickens County Airport, Dalton Municipal Airport, and many others, located within an hour’s drive of the site. 54,154 residents live within a 15-mile radius (a 12 percent growth since 2010). The average annual household income is $76,073 within 15 miles and is projected to increase 11 percent by 2026, poising Popeyes and Ellijay for concurrent growth.

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