CAP RATE: 5.00%
BUILDING SIZE: 2,351 Sq Ft
YEAR BUILT: 2020
LOT SIZE: +/- 0.92 Acres
- Brand New 20-Year Sale Leaseback
At the close of escrow, a brand new 20-year lease will be signed, with attractive 10% increases in rent every five years. In addition to the long-term lease, this will be an absolute-net lease with zero landlord responsibilities.
- Lease is Guaranteed by Wildor Restaurant Group, LLC
Wildor Restaurant Group, LLC (WRG) has been a Popeyes franchisee since 2013 and currently has 10 locations open and operating with three others currently under construction. WRG signed a development agreement in 2018 to open 15 (Portfolio Total would be 19) additional restaurants by 2027 which gives them the exclusive development rights to 12 prime counties in North Carolina and Virginia.
- +/- 6.50% Rent-to-Sales|2021 Sales – 30% Higher than Popeyes National Average
Successfully open and operating at this location since 2020, the sale leaseback rent will be set at +/- 6.50% rent-to-sales ratio. This location’s performance is nearly 30% higher than the national average for Popeyes, demonstrating its strength in the marketplace.
- Raleigh, North Carolina Metropolitan Statistical Area
The market is approximately a two-hour drive west of the Atlantic ocean and four-hour commute east of the Appalachian Mountains. The metro is composed of 11 counties: Wake, Durham, Johnston, Chatham, Orange, Franklin, Harnett, Vance, Granville, Lee, and Person. The most highly populated is Wake County with more than 1.1 million residents, almost half of the entire metro’s populous. Raleigh, home to the state capitol, has approximately 467,500 citizens, which leads the region. Durham is the second-largest city with 273,000 residents, followed by Cary, where roughly 164,400 people live. The metro is projected to add nearly 228,800 people over the next five years, which will result in the formation of 93,600 households.