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Restaurant

Popeyes | Absolute NNN | Brand-New 2022 Construction | Close to Michigan State University

7050 S Cedar St, Lansing, MI 48911

Listing Price: $4,065,000

Cap Rate
4.25%
Tenant Name
Popeyes
Years Remaining On Lease
20.0
Guarantor
Franchisee Guarantee
Rentable SF
2,570
Lease Type
Absolute Net
Rent Per Square Feet
$67.22

Investment Overview

Marcus & Millichap is pleased to offer a brand-new, state-of-the-art Popeyes restaurant located in Lansing, Michigan, near Michigan State University. The Property, built in 2022, is Popeyes’ newest “NOLA” prototype and features a double drive-thru configuration. The property offers a new 20-year absolute triple-net lease with four, five-year renewal options with 7.5% rental escalators every five years during the base lease term and at the beginning of each option period. Popeyes is strategically located adjacent to a Kroger grocery store and at the hard-corner, signalized intersection of South Cedar Street and East Willoughby Road, which experiences 55,000+ vehicles on average per day. The property is also less than one-half mile from Interstate 96 (I-96) which is a major east and west thoroughfare that connects Detroit from the south to Lansing and Grand Rapids to the north. Additionally, the Property is surrounded by various shopping and dining destinations including Lowe’s, Menards, Target, Meijer McDonald’s, Aldi, Advance Auto Parts, Taco Bell, Burger King and many more. The franchisee operator at the subject site is a high, net worth experienced franchisee currently operating 35+ locations throughout Michigan, Illinois, Indiana and Wisconsin with additional new stores in the development pipeline.

Investment Highlights

  • Brand-New, State-of-The-Art Construction (2022) with Double Drive-Thrus
  • Long-Term 20-Year, Absolute NNN Lease with Zero Landlord Responsibilities
  • Located Across the Street from Kroger-Anchored Shopping Center and Surrounded by Various National and Regional Retailers
  • Michigan State University, the Largest University in Michigan is Located Four Miles Away
  • Lease Guaranteed by Experienced High Net Worth Franchisee with 35+ Locations
  • Signalized, Hard-Corner Location that Experiences 55,000+ Vehicles-Per-Day
  • Approximately 56,000 People with an Average Household Income of $66,000 within 3-Mile Radius
  • Leased On-Site Billboard with Rental Escalations Included

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Restaurant

Popeyes | Absolute NNN | Brand-New 2022 Construction | Close to Michigan State University

Listing Price: $4,065,000

Cap Rate
4.25%
Tenant Name
Popeyes
Years Remaining On Lease
20.0
Guarantor
Franchisee Guarantee
Rentable SF
2,570
Lease Type
Absolute Net
Rent Per Square Feet
$67.22

Investment Highlights

  • Brand-New, State-of-The-Art Construction (2022) with Double Drive-Thrus
  • Long-Term 20-Year, Absolute NNN Lease with Zero Landlord Responsibilities
  • Located Across the Street from Kroger-Anchored Shopping Center and Surrounded by Various National and Regional Retailers
  • Michigan State University, the Largest University in Michigan is Located Four Miles Away
  • Lease Guaranteed by Experienced High Net Worth Franchisee with 35+ Locations
  • Signalized, Hard-Corner Location that Experiences 55,000+ Vehicles-Per-Day
  • Approximately 56,000 People with an Average Household Income of $66,000 within 3-Mile Radius
  • Leased On-Site Billboard with Rental Escalations Included

Investment Overview

Marcus & Millichap is pleased to offer a brand-new, state-of-the-art Popeyes restaurant located in Lansing, Michigan, near Michigan State University. The Property, built in 2022, is Popeyes’ newest “NOLA” prototype and features a double drive-thru configuration. The property offers a new 20-year absolute triple-net lease with four, five-year renewal options with 7.5% rental escalators every five years during the base lease term and at the beginning of each option period. Popeyes is strategically located adjacent to a Kroger grocery store and at the hard-corner, signalized intersection of South Cedar Street and East Willoughby Road, which experiences 55,000+ vehicles on average per day. The property is also less than one-half mile from Interstate 96 (I-96) which is a major east and west thoroughfare that connects Detroit from the south to Lansing and Grand Rapids to the north. Additionally, the Property is surrounded by various shopping and dining destinations including Lowe’s, Menards, Target, Meijer McDonald’s, Aldi, Advance Auto Parts, Taco Bell, Burger King and many more. The franchisee operator at the subject site is a high, net worth experienced franchisee currently operating 35+ locations throughout Michigan, Illinois, Indiana and Wisconsin with additional new stores in the development pipeline.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

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