popeye’s louisiana kitchen...• the site is an outparcel to popular memorial village shopping...
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Andy J. Heck314.797.7550
In association with:________________
A licensed Tennessee Real Estate Broker
Popeye’s Louisiana Kitchen724 Memorial Blvd | Murfreesboro, TN | 37129
314.833.4388 iebrealestate.comSaint Louis, Missouri
IEB Real Estate is pleased to present for sale this fee simple, build-to-suit Popeyes Louisiana Kitchen
located in Murfreesboro, TN – Nashville/Murfreesboro MSA
Asking Price:
NOI:
Cap Rate:
$1,293,913
$74,400
5.75%
Lot Size:
Building Size:
Year Built:
.60 Acres
2,600 SF
2010
Property Highlights:
• 5.1% Rent to Sales Ratio
• Low Rent compared to market ($28.61 psf)
• Sales exceed the average Popeyes location DURING massive road and bridge construction which greatly
hindered traffic. Sales are expected to increase with the widening of the road and completion of the bridge
construction.
Location:
• The site is an outparcel to popular Memorial Village Shopping Center and is in the heart of the retail corridor
in Murfreesboro, TN just 30 miles south of downtown Nashville, TN.
• The Shopping Center is 100% occupied and went through a total renovation in 2006.
• About 1,000 feet south of the site a bridge was constructed at the intersection of Broad St and Memorial
Blvd which has greatly increased the site traffic.
Investment Overview
Tenant Overview: Popeye’s Louisiana Kitchen
Guarantor: AR Group of Restaurants, Inc -70+ operations
Start of Tenancy: 2010
Lease Term: 20 Years
Term Commencement: November 22nd, 2010
Term Expiration: November 30th, 2030
Term Years Remaining: 12+ Years
Lease Type: NNN
Landlord Responsibilities: None
Term Base Annual Rent: $74,400
Rent Escalations: In Options
Remaining Options: 1, 10-year option
Option Exercise Notice: 90 Days
Option Base Rent: $108,000
Popeyes is an American multi-national chain of fried chicken fast food restaurants founded in 1972 in New Orleans, Louisiana. Since 2008, its full brand name is Popeyes Louisiana Kitchen, Inc. and it was formerly named Popeyes Chicken & Biscuits and Popeyes Famous Fried Chicken & Biscuits. It is currently a subsidiary of Restaurant Brands International.
According to a company press release dated June 29, 2007, Popeyes is the second-largest "quick-service chicken restaurant group, measured by number of units", after KFC. More than 2,600 Popeyes restaurants are in more than 40 states and the District of Columbia, Puerto Rico, and 30 countries worldwide. About 30 locations are company-owned and the rest franchised.
Popeyes serves chicken dishes in mild and spicy flavors and offers sides such as red beans and rice, Cajun fries, mashed potatoes with Cajun-style gravy, Cajun rice, macaroni & cheese, and coleslaw. In addition to fried chicken, other entree items include a chicken-and-sausage jambalaya and po' boy sandwiches.
Tenant Overview: Popeye’s Louisiana Kitchen
Aerial View
Jackson Heights Center
New Bridge Development over Broad Street eliminating a 4-way stop and allowing traffic to flow
much better continuing to increase traffic flow to the site
Memorial Village Shopping Center
Parcel View
New Bridge over Broad Street
Area Overview – Murfreesboro, TN
Area Overview - Demographics
Area Overview – Middle Tennessee State
Map View
2.5 miles to site
Ground Level View