Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a three-property Popeyes portfolio located in Pensacola, Jacksonville and Pinellas Park, Florida. The properties may be purchased individually or as a portfolio, providing investors the flexibility to acquire a single quick-service restaurant asset or achieve immediate geographic diversification across three distinct Florida markets. Each property is subject to a recently commenced 20-year absolute NNN lease extending into 2046, with 2.0% annual rent increases throughout the initial lease term. The leases provide for multiple five-year renewal options and are guaranteed by Pulse Restaurant Group, LLC, a 50-unit Popeyes franchisee. The absolute NNN lease structure provides long-term income with zero landlord responsibilities, while the annual rental increases offer built-in income growth throughout the hold period. The portfolio offers exposure to three diverse Florida trade areas. The Pensacola property is positioned along the Nine Mile Road corridor with access to Interstate 10 and US-29 and is surrounded by residential growth, major employment drivers and national retailers; the five-mile population is approximately 80,890, with an average household income of approximately $90,983. The Jacksonville location is situated along the Dunn Avenue retail corridor with access to I-95 and I-295 and serves a five-mile population of approximately 116,165. The Pinellas Park property is located within the Tampa Bay MSA on a signalized corner along Park Boulevard, with access to US Highway 19 and a dense surrounding residential and commercial base. Its five-mile trade area includes approximately 270,921 residents, an average household income of $85,156, and a daytime population of approximately 104,785. Collectively, the portfolio combines long-term absolute NNN leases, annual rental growth, an experienced multi-unit operator and locations across three established Florida markets. Popeyes itself operates approximately 5,000 locations across 51 countries and is a wholly owned subsidiary of Restaurant Brands International.