ACTUAL SITE ™ NEW ORLEANS, LA
OFFERING MEMORANDUM POPEYES 3825 GENERAL DEGAULLE DR NEW ORLEANS, LA 70114 TABLE OF CONTENTS
03 EXECUTIVE OVERVIEW 04 FINANCIAL OVERVIEW
06 PROPERTY OVERVIEW 10 AREA OVERVIEW
JEFF MILLER MBA KYLE MATTHEWS BEAU J. BOX Associate Chairman & CEO Broker Of Record
DIRECT 424.220.7263 DIRECT 225.931.3200 [email protected] MOBILE 817.239.1566 LIC # 01469842 (CA) LIC # 72498 (LA) [email protected] LIC # 02013110 (CA)
| 2 Executive Overview
INVESTMENT HIGHLIGHTS
DENSE DEMOGRAPHICS AND AN EXCELLENT RETAIL CORRIDOR
»» Less than 5-miles from downtown New Orleans
»» Over 268,000 people in a 5-mile radius
»» ± 56,000 ADT on General De Gaulle Dr
»» Retailers in the immediate area include: Walmart, Walgreens, T.J. Maxx, Applebee’s, Smoothie King, McDonald’s, Rite Aid, Burger King, KFC, Buffalo Wild Wings, Chase Bank, Winn-Dixie, O’Reilly Auto Parts, Wendy’s, and much more
INVESTMENT GRADE PROPERTY AND A HEALTHY PERFORMING SITE
»» Recent 10-year extension with no consideration from owner demonstrating the tenant’s commitment to the site
»» Corporately backed lease with 3, 5-Year extensions
»» The Popeyes brand was recently purchased by Restaurants Brands International, which also holds Tim Horton’s and Burger King under it’s QSR umbrella
3 | FINANCIALExecutive Overview OVERVIEW
| 4 ACTUAL SITE NEW ORLEANS, LA
Investment Summary Annualized Operating Data
»» OFFERING PRICE $1,333,745 Monthly Rent Annual Rent Rent/SF Cap Rate 4/1/2023 - 3/31/2028 $6,724.00 $80,688 $40.83 6.05% »» NOI $73,356 Option 1 $7,397.00 $88,764 $44.92 6.66% »» CAP RATE (YEAR 1) 5.50% Option 2 $8,136.00 $97,632 $49.41 7.32% »» TOTAL BUILDING AREA ± 1,976 SF Option 3 $8,950.00 $107,400 $54.35 8.05% »» TOTAL LAND AREA ± 0.48 Acres (± 20,700 SF)
Tenant Summary Parcel Map
Tenant Trade Name Popeyes
Type of Ownership Fee Simple
Lease Guarantor Popeyes Louisana Kitchen
Lease Type NNN
Roof and Structure Tenant Responsible
Term Remaining on Lease ± 10 Years
Original Lease Term 10 Years
Lease Commencement Date 4/1/2018
Rent Commencement 4/1/2018
Lease Expiration Date 3/31/2028
Increases 10% Every 5 Years
Options Three, 5-Year Options
ACTUAL SITE 5 | PropertyProperty Overview Overview
ACTUAL SITE
The Offering Tenant Overview
PROPERTY NAME Popeyes »» Company Name »» Ownership »» Headquarters »» No. of Employees 3825 General DeGaulle Dr Property Address Popeyes Louisiana Kitchen, Inc. Public Atlanta, GA ± 1,898 New Orleans, LA 70114 »» Net Income » » Year Founded »» No. of Locations »» Website APN 5-13-6-145-18 $9.2 Million 1992 ± 2,688 www.popeyes.com
SITE DESCRIPTION Number of Stories One Popeyes distinguishes itself with a unique “New Orleans” style menu that features spicy chicken, chicken tenders, fried shrimp and other seafood, as well as jambalaya, Red Beans and Rice and other regional items. Popeyes is a highly Year Built/Renovated 1978 differentiated QSR brand with a passion for its Louisiana heritage and flavorful authentic food. GLA ± 1,976 SF The Company’s strategic plan focuses on the five pillars which management believes are proven strategies for growing Lot Size ± 0.48 AC (± 20,700 SF) a high-performance restaurant chain. Create a Culture of Servant Leaders - creating a culture so engaging that you can’t wait to come work at Popeyes. Build Distinct Brand - offering a distinctive brand and menu with superior food Type of Ownership Fee Simple at affordable prices. Create Memorable Experiences - service experience so good you can’t wait to come back to Parking Spaces ± 18 Popeyes. Grow Restaurant Profits - reducing restaurant operating costs and increasing restaurant profitability while maintaining excellent food quality for our guests. Accelerate Quality Restaurants - building more restaurants across Parking Ratio 9.11 : 1,000 SF the U.S. and abroad with superior profits and investment returns.
| 6 NEWLOCATION ORLEANS, LA
»» No. of Employees ± 1,898 »» Website www.popeyes.com
North
7 | SURROUNDING AREA
| 8 NEW ORLEANS, LA
9 | AreaExecutive Overview Overview
New Orleans, LA
New Orleans is the largest city and metropolitan area in the state of Louisiana. The city is known for its distinct French and Spanish Creole architecture, as well as its cross- cultural and multilingual heritage. New Orleans is famous for its cuisine, music (particularly as the birthplace of jazz) and its annual celebrations and festivals, most notably Mardi Gras. The city is often referred to as the “most unique” in the United States.
Greater New Orleans is centered on the city of New Orleans, which possesses a rapidly growing, entrepreneurial creative industries sector and is renowned for its cultural tourism. Greater New Orleans, Inc. (GNO, Inc.) coordinates between Louisiana’s Department of Economic Development and the various parochial business development agencies regarding regional economic development. The Fortune 500 company Entergy has its headquarters in New Orleans. Other companies headquartered in the area include Globalstar, Smoothie King, and Intralox.
| 10 New Orleans, LA
Economy
Virtually surrounded by water, the New Orleans metropolitan area is home to one of the busiest ports in the world and a center of maritime industry. The city is bordered by Lake Pontchartrain on the north, the Mississippi River along the southern edge, and bayous, lakes and marshlands everywhere else. The region accounts for a significant portion of the nation’s oil refining and petrochemical production, and serves as a white-collar corporate base for onshore and offshore petroleum and natural gas production.
New Orleans is also a center for higher learning, with over 50,000 students enrolled in the region’s eleven two- and four-year degree-granting institutions. Metropolitan New Orleans is a major regional hub for the healthcare industry and boasts a small, globally competitive manufacturing sector. The center city possesses a rapidly growing, entrepreneurial creative industries sector and is renowned for its cultural tourism. Demographics
POPULATION 1 - MILE 3 - MILE 5 - MILE 2023 Projection 20,263 114,088 279,675 2018 Estimate 19,328 110,350 268,197 2010 Census 17,107 102,097 240,429 Growth 2010-2018 12.98% 8.08% 11.55% Growth 2018-2023 4.84% 3.39% 4.28%
HOUSEHOLDS 1 - MILE 3 - MILE 5 - MILE 2023 Projection 8,676 44,961 117,618 2018 Estimate 8,165 43,226 112,004 2010 Census 6,986 39,414 98,412 Growth 2010-2018 16.88% 9.67% 13.81% Growth 2018-2023 6.26% 4.01% 5.01%
INCOME 1 - MILE 3 - MILE 5 - MILE 2018 Est. Average $56,955.00 $60,935.04 $66,304.12 Household Income
11 | Confidentiality Agreement & Disclaimer
This Offering Memorandum contains select information pertaining to the business and affairs Popeyesof located at 3825 General De Gaulle Dr New Orleans, LA 70114 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1 . The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. OFFERINGVan Nuys, MEMORANDUM CA ™ POPEYES 3825 GENERAL DEGAULLE DR NEW ORLEANS, LA 70114
JEFFERY MILLER MBA KYLE MATTHEWS Associate Chairman & CEO
DIRECT 424.220.7263 [email protected] BEAU J. BOX MOBILE 817.239.1566 Broker Of Record LIC # 01469842 (CA) [email protected] DIRECT 225.931.3200
LIC # 02013110 (CA) LIC # 72498 (LA)
ACTUAL SITE