Located at 1860 Highway 53 West in Jasper, Georgia, this newly built absolute net-leased free-standing Popeye’s Chicken restaurant is situated in proximity to the North of Downtown Atlanta. The subject property is also close to U.S. Interstate 515 and the Camp Road Exit. It consists of a 2,695 sq.ft restaurant that sits on a huge .97-acre parcel of land with a drive-up window and ample parking. The restaurant is strategically positioned at the signalized intersection of Highway 53 and Camp road, which sees a combined traffic count of more than 19,000 vehicles per day. The restaurant serves more than 20,000 residences that have an average annual household income of more than $64,000. 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 located opposite a Home Depot and Kroger anchored retail center. Several national and regional retailers are also present in the immediate area, including Starbucks, Wendy’s, Bojangles, Waffle House, Dairy Queen, Chili’s, Ingle’s Market, Pizza Hut, and Taco Bell.
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.
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