Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a freestanding Popeyes drive-thru located at 6666 Camden Boulevard in Fountain, Colorado. The ±2,045-square-foot restaurant sits on ±0.75 acres and will be secured by a new 20-year NNN sale-leaseback to commence at close of escrow, with zero landlord responsibilities and four (4) five-year renewal options. Annual base rent of $188,000 is offered at a 5.50% cap rate, with scheduled 10% rent increases every five years. The tenant is contractually obligated to complete a full remodel to current Popeyes brand standards within 36 months of close, at no cost to the landlord. The tenant entity is HZ Ops Holdings, Inc., a ±190-unit entity, and the store is operated by The Dhanani Group, the largest Popeyes franchisee. The property sits along Camden Boulevard and Highway 85 (±22,568 VPD) near Mesa Ridge Parkway, with access to Interstate 25 and neighbors including McDonald's, Taco Bell, KFC, Subway, AutoZone, and Jiffy Lube. The 5-mile trade area holds 140,892 residents with an average household income of $106,780, and nearby Fort Carson is Colorado's largest employer with 13,815 military personnel. The Colorado Springs MSA is home to more than 782,000 residents, and Popeyes operates 3,700+ locations worldwide as a subsidiary of Restaurant Brands International.