investment offering 1211 Bypass 72 NE€¦ · or making an offer to purchase the Property unless and until such offer is approved by Owner pursuant to ... Years 11-15 $141,115.57

REPRESENTATIVE PHOTO

POPEYES1211 Bypass 72 NE

Greenwood (Outside Greenville), SC 29649investment offering

DISCLAIMER

John R. WertzTel: (619) [email protected] Lic No. 01448585

Financial Overview

Tenant Overview

Executive Summary

Property Photos

Location Map

Area Map

Market Overview

Demographic Report

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Listed with South Carolina brokerDavid B Zacharia Lic. No. 87944

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This Marketing Package was prepared by Wertz Real Estate Investment Services and DZ Net Lease Realty, LLC (“Broker”) solely for the use of prospective buyer considering the purchase of the Property within (the “Property”) and is not to be used for any other purpose. Neither the Broker nor the Owner of the Property make any representation or warranty, expressed or implied, as to the completeness or accuracy of the material contained in the Marketing Package.

Prospective purchasers of the Property are advised that changes may have occurred in the physical or financial condition of the Property since the time this Marketing Package or the financial statements herein were prepared. Prospective purchasers acknowledge that this Marketing Package and the financial statements herein were prepared by Broker, and not by Owner, and are based upon assumptions or events beyond the control of both Broker and Owner, and therefore may be subject to variation. Other than current and historical revenue and operating expense figures for the Property, Owner has not, and will not, provide Broker or any prospective purchaser with any projections regarding the Property. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

The Marketing Package is a solicitation of interest only and is not an offer to sell the Property. The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expression of interest or offers to purchase the Property and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time with or without notice.

The Owner shall have no legal commitments or obligations to any entity reviewing the Marketing Package or making an offer to purchase the Property unless and until such offer is approved by Owner pursuant to its Governing Authorities and the signature of the Owner or Owner’s representative is affixed to a Real Estate Purchase Agreement prepared by Owner.

This Marketing Package is confidential. By accepting the Marketing Package, you agree (i) that you will hold and treat the Marketing Package and its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any part of the Marketing Package, (iii) that you will not disclose the Marketing Package or any of its contents to any entity without the prior authorization of the Owner, and (iv) that you will not use the Marketing Package in any fashion or manner detrimental to the Owner or Broker.

Broker has obtained the information contained in this Marketing Package from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, changes of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions, or estimates for example only, and they may not represent current or future performance of the Property. You and your tax and legal advisors should conduct your own investigations of the physical condition of the Property and of the financial performance of its future Ownerships.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT BROKER FOR MORE DETAILS.

TABLE OF CONTENTS

For more information contact:

financial overview

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

PRICE

DOWN PAYMENT

RENTABLE SQUARE FEET

cap rATE

avg. cap rATE (initial term)

year built

lot size

type of ownership

OFFERING SUMMARY

TENANT TRADE NAME Popeyes

OWNERSHIP Public

LEASE GUARANTOR Franchisee

LEASE TYPE Absolute NNN

roof & structure Tenant Responsible

original lease term Twenty (20) Years

rent commencement date 12/27/2019

lease expiration date 12/26/2039

term remaining on lease 20-Years

increases 10% Every 5-Years

OPTIONS TO RENEW (4) 5-Year Options

RIGHT OF FIRST REFUSAL No

TENANT SUMMARY

ANNUALIZED OPERATING DATA Rent Increases Annual Rent Monthly Rent

Years 1-5 $116,624.44 $9,718.70

Years 6-10 $128,286.88 $10,690.57

Years 11-15 $141,115.57 $11,759.63

Years 16-20 $155,227.13 $12,935.59

Years 21-25 (Option 1) $170,749.84 $14,229.15

Years 26-30 (Option 2) $187,824.83 $15,652.07

Years 31-35 (Option 3) $206,607.31 $17,217.28

Years 36-40 (Option 4) $227,268.04 $18,939.00

BASE RENT $116,624.44

NET OPERATING INCOME $116,624.44

TOTAL RETURN yr-1 6.00% $116,624.44


$1,943,740

100% / $1,943,740

2,145 SF

6.00%

6.96%

2019

0.96 +/- Acres

Fee Simple

POPEYES LOUISIANA KITCHEN, INC.Founded in New Orleans in 1972, Popeyes Louisiana Kitchen, Inc., (Nasdaq: PLKI), is one of the largest quick service restaurant chains in the world, with more than 2,600 restaurants in the U.S. and around the world. Popeyes distinguishes itself with a unique New Orleans style menu featuring spicy chicken, chicken tenders, fried shrimp, and other regional items. The chain’s parent compa-ny, Restaurant Brands International Inc. (”RBI”) (NYSE: QSR), operates over 24,000 restaurants in more than 100 countries with more than $30 billion in system-wide sales. RBI owns three of the world’s most prominent and iconic quick service restaurants brands - Tim Hortons, Burger King, and Popeyes.

TENANT overview

BASE RENT $116,624.44

NET OPERATING INCOME $116,624.44

TOTAL RETURN yr-1 6.00% $116,624.44

PROPERTY NAME PopeyesPROPERTY ADDRESS 1211 Bypass 72 NE Greenwood (Outside Greenville), SC 29649

PROPERTY TYPE Net Lease Quick Service Restaurant

PARENT COMPANY Restaurant Brands International, Inc.

oWNERSHIP Public

LEASE GUARANTOR Franchisee

stock symbol PLKI

BOARD NASDAQ

TERM REMAINING ON LEASE Twenty (20) Years

OPTIONS TO RENEW (4) 5-Year Options

lease type Absolute NNN

LANDLORD RESPONSIBILITY None

INCREASES 10% Every 5-Years

year 1 net operating income $116,624.44

no. of locations 2,600+

headquartered Atlanta, GA

website www.popeyes.com

years in the business Since 1972

PSP HoldingsPSP Holdings (www.pspholdings.com) is a growing Popeyes franchisee based out of Alexandria, Virginia. The company is a strong multi-unit Popeyes operator with plans to open multiple locations annually in North and South Carolina over the next 5-years. PSP also operates ten successful Five Guys locations, the first of which opened in 2005. Additionally, PSP Holdings, through its Capital Investments Group (PSP-CIG), is an active investor in several other brands, technologies, and commercial real estate. The lease guarantor, PLC Dev Group, LLC, is the sole owner of each of the Popeyes locations operated by PSP Holdings.


executive summaryINVESTMENT OVERVIEWThe subject property is a newly constructed Popeyes drive-thru located in Greenwood (Outside Greenville), South Carolina. The brand new 20-year absolute NNN lease includes 10% rental increases every 5-years in the primary term and in the (4) 5-year option periods. The grand opening of this location was December 27, 2019. The property is located adjacent to a newly constructed Stop-A-Minute gas station at a busy signalized intersection with shared access. This Popeyes enjoys excellent visibility at Bypass 72 and Durst Ave with traffic counts exceeding 31,000 vehicles per day. This retail corridor is one of the main thoroughfares serving Greenwood and connecting cities. There are over 47,000 residents in the retail trade area with a 4% expected population growth over the next 5-years.

National retailers in the immediate vicinity include Burger King, McDonald’s, CVS, O’Reilly Auto Parts, Circle K, Arby’s, Taco Bell, Applebee’s, Bojangles, Waffle House, Sonic, Zaxby’s, Red Lobster, T-Mobile and more. This is an excellent opportunity for an investor to purchase a stable, long term investment with zero landlord responsibility.

INVESTMENT HIGHLIGHTS

Traffic Counts Exceeding 31,000 Vehicles Per Day

• Located at Busy Signalized Intersection with Shared Access (Adjacent to a Newly Constructed Stop-A-Minute Gas Station)

• Over 47,000 Residents in the Trade Area with 4% Expected Population Growth Over the Next 5-Years

• Popeyes Sales Up 29% Q1 2020 (During COVID-19)



• Brand New Construction (Open & Operating)

• 20-Year Absolute NNN Lease w/ 10% Increases Every 5-Years

• Experienced Multi-Unit Popeyes Franchisee Operator

• Excellent Access and Visibility at Bypass 72 & Durst Ave with

AERIAL PHOTO


Durst A

ve E

Bypass 72 NE 23,500 VPD

Reynolds A

ve 7,500 VP

D

8,100 VP

D

subject property


Durst Ave E

Reynolds Ave

Bypass 72 NE 23,500 VPD

7,500 VPD

8,100 VPD

subject property


Byp

ass

72 N

E

2

3,50

0 V

PD

LOCATION MAP


AREA MAP



GREENWOOD, SOUTH CAROLINAGreenwood is a city in Greenwood County, South Carolina, United States. The community is a growing suburb located between Atlanta and Charlotte just outside of Greenville and Columbia, South Carolina. Greenwood is located in the Greenville-Spartanburg-Anderson Combined Statistical Area. This CSA spans up to 10 counties in South Carolina with about 1.4 million people making this the fastest growing region of South Carolina. Greenville is the largest city in the region with an urban-area population of 400,492, with Spartanburg and Anderson next in population.

Greenwood is located along It is located in the Lower Piedmont region of Upstate South Carolina. Greenwood provides a friendly, small-town setting along with the progressive and active environment of a larger city. Conveniently close to all major Southern markets, Greenwood is positioned between Atlanta, Charlotte, Greenville, Columbia, Anderson & Augusta. Greenwood is the economic center of six surrounding counties - Abbeville, Edgefield, Greenwood, Laurens, McCormick, and Saluda.

Greenwood County boasts a modern and diverse economic base, from Fujifilm’s North American manufacturing, distribution, and R&M headquarters to nationally recognized genetics research at the Greenwood Genetic Center. The most common employment sectors for those who live in Greenwood, SC are manufacturing, retail trade, and healthcare. Greenwood is also home to Lander University with approximately 2,850 students and Piedmont Technical College with approximately 4,600 students.

MARKET overview

Home to Lander University (2,850 Students) and Piedmont College (4,600 Students)


Conveniently Located between Atlanta, Charlotte, Greenville, Columbia, Anderson & Agusta

The Greenville-Spartanburg CSA is the Fastest Growing Region of South Carolina

population 1 MILE 3 MILES 5 miles

2025 Projection 6,731 31,526 49,282

2020 Estimate 6,488 30,618 47,814

2010 Census 6,271 30,186 46,994

2000 Census 5,789 29,195 44,290

Percent Change 2000-2010 8.33% 3.39% 6.11%

Percent Change 2010-2020 3.46% 1.43% 1.75%

Percent Change 2020-2025 3.75% 2.97% 3.07%

Median Age 36.63 36.23 37.69

households 1 MILE 3 MILES 5 miles

2020 Est. Avg. HH Income $52,600 $58,810 $62,219

2025 Projection 2,919 12,947 19,775

2020 Est. Households 2,795 12,486 19,080

2010 Census 2,653 12,114 18,512

2000 Census 2,340 11,507 17,189

Percent Change 2000-2010 13.38% 5.28% 7.70%

Percent Change 2010-2020 5.35% 3.07% 3.07%

Percent Change 2020-2025 4.44% 3.69% 3.64%

DEMOGRAPHIC REPORT




Wertz Real Estate Investment Services3138 Roosevelt Street, Suite L

Carlsbad, CA 92008Tel: (619) 218-6427Fax: (858) 408-1830

www.wertzrealestate.com

Listed with South Carolina broker David B Zacharia license 87944


Documents

investment offering 1211 Bypass 72 NE€¦ · or making an offer to purchase the Property unless and until such offer is approved by Owner pursuant to ... Years 11-15 $141,115.57