Popeye’s Ground Lease

Tenant

Popeye's

Location

North Bergen, NJ

Price

$2,666,666

CAP Rate

4.50%

NOI

$120,000

Lease Term

20 Years

Occupancy

100%

Building Size

2,000

Property Type

Single Tenant

Year Built

2016

Lot Size

Unstated

Status

Closed

Property Contacts:

Karly Iacono

Associate Director

201-742-6119 | Email

■ Brand New 20 Year Ground Lease with Two Five- Year
Options
■ 10% Rent Increases Every Five Years in Base Term and
Options
■ Below Market Ground Rent of Approximately $8/ft. Per
Year
■ Strong 140 Unit Popeye’s Operator
■ Outstanding Demographics – Average Household Income of
$112,000 and a Population of 1,775,000 People within Five
Miles
■ NYC MSA. Only Three Miles from the Lincoln Tunnel and
George Washington Bridge – Two of the Three Major
Arteries In and Out of Manhattan from New Jersey
■ Three Miles from Met Life Stadium – Home to the New
York Giants and Jets
■ Property Sits at a Signalized Corner at the Entrance to a
Walmart Power Center

Marcus and Millichap is pleased to present this extremely rare opportunity to acquire a brand new, 20 year single tenant
ground lease in Hudson County, NJ. The lease is binding and in effect for a Popeye’s Chicken with drive thru, which is
slated to open in 2017. The ground rent is substantially below market and the site was previously approved for a 6,000
square foot strip center.

This irreplaceable property is an out parcel to a Walmart Power Center which includes other national tenants such as
BJ’s, Petsmart, Staples, Vitamin Shoppe, and Sleepy’s to name a few. Burlington Coat Factory, Home Depot and
Lowe’s are just a few blocks down Tonnelle Avenue as well. With its close proximity to Manhattan, massive public
transportation system and lack of developmental land, Hudson County is currently one of the most sought after real
estate markets surrounding Manhattan.