Popeye’s 15-Year Absolute-Net (NNN) in Canton, Georgia

  • $2,330,933
540, Riverstone Parkway, North Canton, Canton, Cherokee County, Georgia, 30114, United States of America

Popeye’s 15-Year Absolute-Net (NNN) in Canton, Georgia

540, Riverstone Parkway, North Canton, Canton, Cherokee County, Georgia, 30114, United States of America
  • $2,330,933

Overview

Property ID: 18594
  • Property Type
  • Casual Dining Properties
  • 2695
  • sqft

Description

Located at 540 River Stone Parkway, Canton, Georgia, this newly constructed absolute net-leased free-standing Popeye’s Chicken restaurant is distanced just thirty minutes from North of downtown Atlant. The subject property is situated next to the U.S. Interstate 575 and the River Stone Parkway Exit. It consists of a 2,695 sq.ft restaurant that sits on a massive 1.33-acre parcel of land with a drive-up window and ample parking space. This Popeye’s restaurant is strategically positioned at the signalized intersection of River Stone Parkway and Canton Mill Drive, which sees a combined traffic count of more than 20,000 vehicles per day. The restaurant serves more than 55,000 residences that have an average annual household income of over $76,000.

 

Popeye’s Chicken has signed a new 15-year absolute net lease that includes a 10 percent increase in rent every five years with four, five-year option periods. A 65 Unit Operating Company, Purple Square Management Company LLC, backs the lease. The company has restaurants throughout Florida, Georgia, Alabama, and Louisiana. The subject property is situated opposite the River Stone Mills Shopping Center, anchored by ALDI and Dollar Tree. It is also a signalized intersection of River Stone Plaza and a Publix anchored shopping center, which has outlets like Belk, Ross, Michaels, Bealls Outlet, and Home Depot. Several national and regional retailers are also present in the immediate area, including Starbucks, Wells Fargo, Mc Donald’s, Wendy’s, AMC Theaters, Ingles, Staples, Tires Plus, Sherwin Williams, Hamilton State Bank, Longhorn Steak House, Five Guys, Red Lobster, Regions Bank, and Applebee’s.

 

Popeye’s® is known to have more than 40 years of history and culinary tradition. The company was founded in New Orleans in 1972. To distinguish itself from others, Popeye has a unique New Orleans style menu featuring spicy chicken, chicken tenders, fried shrimp, and other regional items. Popeye operates more than 2,600 restaurants in the U.S. and around the world. The restaurant’s passion for its Louisiana heritage and authentic flavored food has made it one of the world’s largest quick-service chicken restaurants.

This investment property is suitable for a 1031 exchange.

Property Details – 

  • Property Type – Casual Dining Property
  • Property Status – Closed
  • Location – 540, Riverstone Parkway, North Canton, Canton, Cherokee County, Georgia, 30114, USA
  • Year of Construction – 2018
  • Lease Type – Absolute Net Lease
  • Lease Expiration – 0 month
  • Property Size – 2695 sq.ft.

Details

Updated on April 27, 2020 at 12:35 pm
  • Price: $2,330,933
  • Property Size: 2695 sqft
  • Property Type: Casual Dining Properties
  • Property Status: Closed
  • Cap Rate: 5.25%
  • Lease Expiration: 0 months
  • NOI: $122,374
  • Tenant: Popeye’s
  • Address 540, Riverstone Parkway, North Canton, Canton, Cherokee County, Georgia, 30114, United States of America
  • City Canton
  • State/county Georgia
  • Zip/Postal Code 30114

Contact Information

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Ronnie Issenberg
  • Ronnie Issenberg

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  • Ronnie Issenberg