Popeyes
Closed1050 Ridgeland Pkwy, Alpharetta, GA 30004
Property type
Retail
Unit / Space count
1
Price
$3,275,000
Building size
2,200 sf
Rentable area
2,200 SF
Year built
2022
Year renovated
Occupancy
100%
APN
042 263
Zoning code
CBD
Lot size
0.85 Acres
CAP
4.58%
Price per Unit
$3,275,000
Price per SF
$1,488.64
Net Operating Income
$150,000
Property description
Franklin Street is pleased to present this new construction Popeyes in Alpharetta, Georgia. Alpharetta is an affluent northern suburb of Atlanta, in Forsyth County which is one of top 10 fastest growing counties in the country. The area is surrounded by affluent households with over $161,000 average household incomes within the 5-mile radius. Purple Square Management, LLC is a 223+ unit operator of various franchised brands across the country, they anticipate operating over 40 stores in the Atlanta market alone in 2022. The site is located on a busy retail corridor with easy access to Atlanta’s major highways and interstates. The property is surrounded by other major QSR brands including Starbucks, Longhorn Steakhouse, Jimmy John's, Arby's, Wendy's, Dunkin', Dairy Queen, among many others. It is located right down the street from the Halcyon, a 135-acre mixed-use development comprised of Office, Retail, Apartments, and Town Homes. Popeyes is a brand with more than 3,600 locations and is the world's second-largest quick-service chicken concept. The tenant, Funky Chicken, LLC, operates 100+ Popeyes units with plans to open an additional 20 units by the end of 2022. The investment provides an investor an opportunity to acquire a long-term leased investment with a tenant that is one of the largest franchisees in the chain.
Property highlights
- New construction Popeyes in affluent northern Atlanta suburb
- Strong hedge against inflation: 15-Year lease with 10% Increases every 5 Years
- Located in Forsyth County: Top 10 fastest growing counties nationwide
- Ideal demographic profile: Average Household income within 5-mile radius exceeds $161,000
- Guaranteed by multi-brand operator Purple Square Management Co., LLC with 223+ units
- Excellent traffic counts on McFarland Pkwy: 33,900+ VPD
- Densely populated suburb: 160,000+ residents within 15-minute drive
- Proximate to Halcyon: A 135-acre Mixed-Use development consisting of 250,000 sq ft of Office, 500,000 sq ft of Retail, 300 Apartment Units, and 62 luxury single-family homes
- Alpharetta is the Technology Capital of the South with 600+ tech companies and over a quarter of the top 25 technology companies in the Atlanta MSA