Popeyes

Tenant

Popeyes

Location

Hazlet, New Jersey

Price

$2,285,000

CAP Rate

5.25%

NOI

$120,000

Lease Term

20 Years

Occupancy

100%

Building Size

2,500 Sq. Ft.

Property Type

Single Tenant

Year Built

2020

Lot Size

1.50 acres

Status

Available

Property Contacts:

Karly Iacono

First Vice President Investments

(201) 742-6119 | Email

  • Brand New Construction | Est. Opening Date is October 15, 2020
  • 20 Year NNN Sale Leaseback
  • 8.5% Rent Increases Every 5 Years in Base Term and Options
  • High Traffic Counts | 35,099 VPD
  • Excellent Demographics | Over 138,000 People in Five Miles
  • Affluent Area | Average Household Income Exceeds $127,000
  • Strong Brand Recognition | Same Store Sales Rose 24.8% in Q2 2020
  • Strategic Location Near Jersey Shore Beaches and Attractions
  • Many National Retailers Nearby Including Walgreens, Wawa, PNC Bank, Taco Bell, 7-Eleven, Stop & Shop, Home Depot and more

The Iacono Team at Marcus and Millichap is pleased to present a Popeyes in Hazlet, NJ. The property is currently under construction and is expected to open in December 2020. The investment will be subject to a brand new 20-year NNN lease which will commence upon the close of escrow. The lease will feature 8.5% rental increases every five years throughout the base term and option periods. The principals backing the lease have a net worth exceeding $100 million dollars and operate more than 80 restaurants across numerous brands.

Popeyes distinguishes itself with a unique New Orleans style menu featuring spicy chicken, chicken tenders, fried shrimp and other regional items. This unique and flavorful food has allowed Popeyes to become one of the world’s largest chicken quick service restaurants, with over 3,100 restaurants in the U.S. and around the world. In March 2017, Popeyes was acquired by Restaurant Brands International. Restaurant Brands International is also the parent company to Burger King and Tim Hortons. Popeyes has had continued success throughout the COVID-19 pandemic with same store sales rising 24.8% during Q2 2020.

The property is situated on a major thoroughfare with excellent visibility. The area is heavily trafficked with more than 35,000 vehicles per day. National retailers nearby include Walgreens, Wawa, PNC Bank, Taco Bell, AutoZone, Wawa, Stop & Shop, Home Depot, Dunkin Donuts and many more. The property is strategically positioned near many Jersey Shore beaches and attractions including Keyport Yacht Club, Keansburg Amusement Park, Union Beach Pier, Sandy Hook beach and more. There are numerous schools in the immediate vicinity of the property with more than 1,600 students. Other traffic drivers include Best Western, Holiday Inn, numerous religious worship facilities, City Hall, Senior Citizen Centers and more. Hazlet is extremely affluent with the average household income exceeding $127,000. The area is also densely populated with more than 130,000 residents in five miles.