Popeyes (GL)

13523 60th Street North, Oak Park Heights, MN 55082

$1,905,000

Cap Rate 5.25%

Views: 129 DOM: 101 Updated: 10.30.24 Posted: 09.20.24 Status: Active

Summary

Price $1,905,000	Built/Renov 2022	Tenant Popeyes (GL)
Cap Rate 5.25%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 2,515	Lease Start 01-19-2022	#Units 22
Price/SF $757.46	Expiration 01-31-2042	Tenant Type Fast Food/QSR
NOI $100,000	R. Term 17.1	Ownership Ground Lease
Rent/SF $39.76	Increases 10.0%/5/yrs	Pop 5Mi 48,991
Lot/AC 0.88	Options 2/5yrs/10%	AHHI 5Mi $149,100

Lease Highlights

New 2022 construction | Latest Popeyes prototype
Popeyes has 17+ years remaining on the current ground lease term with 2 (5-year) options to extend
The lease features 10% rental increases every 5 years throughout the initial term and option periods
Absolute NNN lease | Zero landlord responsibilities
Lease guaranteed by AP Northeast Management, LLC, a 22-unit Popeyes franchisee with system-wide sales of $48.9 million

Location Description

Popeyes location on 60th Street and Norell Avenue North, is considered “Main & Main” for the trade area with access to a combined daily traffic count of 41,000 vehicles. The property serves an outparcel to The Shoppes of Oak Park Heights, a Kohl’s-anchored neighborhood center with 1.6 million annual visitors according to Placer.ai. Additionally, it is shadow-anchored by prominent national...

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Key Features

New construction
Dense retail corridor
Near major nationals
Shopping Ctr out-parcel
Strong tenant synergy
Top 100 MSA
Affluent AHHI $100K 5 Mi
Long 15+ yr lease
Below Market Rent
Personal guarantee

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Links

Popeyes Wikipedia Popeyes Wikipedia Oak Park Heights, Minnesota Zip Code 55082 Broker Site Page

Maps

Local Information

1 Mile
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5 Miles

Tenant

Tenant: Popeyes
Guarantor:Franchisee
Company:AP Northeast Management LLC
# Units:22
Tenant S&P: BB
Stock: NYSE: QSR

About Tenant

Popeyes Louisiana Kitchen, Inc., also known as Popeyes, is an American multinational chain of fried chicken fast food restaurants founded in 1972 in New Orleans, LA. Popeyes distinguishes itself...

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Listing Broker

Jeff Lefko

Hanley Investment Group

Contact

151 Listings
18027 Views
65 Sold

Bill Asher

Hanley Investment Group

Contact

151 Listings
18468 Views
63 Sold

Jeff Lefko

As Executive Vice President at Hanley Investment Group, Jeff Lefko specializes in advising clients in the acquisition and disposition of retail properties nationwide. Jeff is focused on developing meaningful relationships that go beyond a singular transaction by proactively advising his clients to help achieve their long-term financial goals and objectives. Jeff’s commitment to his clients has allowed him to close over $1.5 billion in sales since 2017, which included 114 transactions va

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Bill Asher

Bill Asher specializes in advising clients in the acquisition and disposition of retail properties nationwide. With over 20 years of experience in commercial real estate, his transaction expertise, industry relationships, and unparalleled professionalism have allowed him to close and contribute to more than $2 billion in sales, including over 550 sales in the last 10 years. Bill’s dedication and unwavering commitment to his clients have made him one of the top agents at the company earning him

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