POPEYES 1110 S Cannon Blvd Kannapolis (Charlotte), NC 28083 - investment offering - Wertz Real Estate ...
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POPEYES
1110 S Cannon Blvd
investment offering Kannapolis (Charlotte), NC 28083
NEW PROTOTYPE LOCATION
TABLE OF CONTENTS DISCLAIMER
This Marketing Package was prepared by Wertz Real Estate Investment Services and David B Zacharia
(“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.
Financial Overview 3 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
Tenant Overview 4 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
Executive Summary 5 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.
Property Photos 6-9 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
Location Map 10 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.
Area Map 11 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
Market Overview 12 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
Demographic Report 13 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.
Limited Nonresident Commercial Real Estate Broker:
John R. Wertz Greg LaBarre
Tel: (619) 218-6427 Tel: (619) 997-1242
jwertz@wertzrealestate.com glabarre@wertzrealestate.com Listed with North Carolina broker
CA Lic No. 01448585 CA Lic. No. 02069301 David B Zacharia Lic. No. 299302
financial overview
OFFERING SUMMARY ANNUALIZED OPERATING DATA
PRICE $2,500,000 Rent Increases Annual Rent Monthly Rent
DOWN PAYMENT 100% / $2,500,000 Year 1 $125,000.00 $10,416.67
1,920 SF Year 2 $126,875.00 $10,572.92
RENTABLE SQUARE FEET
Year 3 $128,778.13 $10,731.51
cap rATE 5.00%
Year 4 $130,709.80 $10,892.48
year built 2021 Year 5 $132,670.44 $11,055.87
lot size 35,284 SF Year 6 $134,660.50 $11,221.71
type of ownership Fee Simple Year 7 $136,680.41 $11,390.03
Year 8 $138,730.61 $11,560.88
Year 9 $140,811.57 $11,734.30
Year 10 $142,923.75 $11,910.31
TENANT SUMMARY Year 11 $145,067.60 $12,088.97
Year 12 $147,243.62 $12,270.30
TENANT TRADE NAME Popeyes
Year 13 $149,452.27 $12,454.36
OWNERSHIP Public
Year 14 $151,694.06 $12,641.17
LEASE GUARANTOR Franchisee Year 15 $153,969.47 $12,830.79
LEASE TYPE Absolute NNN Year 16 $156,279.01 $13,023.25
roof & structure Tenant Responsible Year 17 $158,623.19 $13,218.60
original lease term Twenty (20) Years Year 18 $161,002.54 $13,416.88
Year 19 $163,417.58 $13,618.13
rent commencement date 08/01/2021 (est.)
Year 20 $165,868.84 $13,822.40
lease expiration date 07/31/2041 (est.)
term remaining on lease 20-Years
BASE RENT $125,000.00
increases 1.5% Annually
OPTIONS TO RENEW (4) 5-Year Options
NET OPERATING INCOME $125,000.00
RIGHT OF FIRST REFUSAL No TOTAL RETURN yr-1 5.00% $125,000.00
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.
TENANT overview
POPEYES LOUISIANA KITCHEN, INC.
PROPERTY NAME Popeyes
Founded in New Orleans in 1972, Popeyes Louisiana Kitchen, Inc.,
(Nasdaq: PLKI), is one of the largest quick service restaurant chains PROPERTY ADDRESS 1110 S Cannon Blvd
in the world, with more than 2,600 restaurants in the U.S. and Kannapolis (Charlotte), NC 28083
around the world. Popeyes distinguishes itself with a unique New PROPERTY TYPE Net Lease Quick Service Restaurant
Orleans style menu featuring spicy chicken, chicken tenders, fried
shrimp, and other regional items. The chain’s parent company, PARENT COMPANY Restaurant Brands International, Inc.
Restaurant Brands International Inc. (”RBI”) (NYSE: QSR), oper- oWNERSHIP Public
ates 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 LEASE GUARANTOR Franchisee
most prominent and iconic quick service restaurants brands - Tim stock symbol PLKI
Hortons, Burger King, and Popeyes.
BOARD NASDAQ
LEBLON FRANCHISING, LLC TERM REMAINING ON LEASE Twenty (20) Years
Leblon Franchising Holdings holds the franchising rights for
OPTIONS TO RENEW (4) 5-Year Options
Popeyes in the Charlotte Region. This executive team consists of lease type Absolute NNN
65+ years of combined experience in the fields of Food and
LANDLORD RESPONSIBILITY None
Beverage Management, Development, and Financing. With the
operators having worked for Corporate Burger King in Latin America INCREASES 1.5% Annually
and Europe, they bring a unique expertise, background and industry year 1 net operating income $125,000
understanding that not many franchisee operators possess. Their
ability to successfully operate and expand has been proven not only no. of locations 2,600+
through their continued growth and development, but the profitability headquartered Atlanta, GA
of their current locations. Leblon currently has 19 Popeyes locations
with Kannapolis being their 20th. The company plans to continue website www.popeyes.com
their aggressive growth and open up additional locations in the years in the business Since 1972
years to come.
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.
executive summary
INVESTMENT OVERVIEW INVESTMENT HIGHLIGHTS
The subject property is a newly constructed Popeyes drive-thru • Brand New 2021 Construction (New Prototype Location)
located in Kannapolis (Charlotte), North Carolina. The brand new
20-year absolute NNN lease includes 1.5% annual rent increases in • 20-Year Absolute NNN Lease with 1.5% Annual Rent Increases
the primary term and throughout the (4) 5-year option periods. The
• Located in Dense Retail Trade Area Between Busy Wendy’s & Taco Bell
property is strategically located in a dense retail trade area in
between a busy Wendy’s and Taco Bell. The site benefits from its • Traffic Counts Exceed 24,500 Vehicles Per Day on S Cannon Blvd
excellent visibility and frontage along one of the most heavily
trafficked throughfares in Kannapolis (S Cannon Blvd), which boasts • 85,000 Residents within 5-Miles of Subject Property
over 24,500 vehicles per day. Additionally, within 5-miles of the
subject property there are 85,000 residents with an average • Average Household Income Exceeds $76,000
household income exceeding $76,000 annually. The Kannapolis
• 6.0% Expected Population Growth Over the Next 5-Years
population has been rapidly growing and is expected to grow another
6.0% over the next 5-years.
National retailers in the immediate vicinity include Wells Fargo,
Hardee’s, Arby’s, O’Reilly Auto Parts, KFC, Advance Auto Parts,
Bojangles, Family Dollar, ALDI, Big Lots, SunTrust, Wendy’s, Taco
Bell, Dollar Tree, Walgreens, and many more. This is an excellent
opportunity for an investor to purchase a stable, long term
investment with zero landlord responsibility.
NEW PROTOTYPE LOCATION
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.
AERIAL PHOTO 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.
subject property 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.
subject property 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.
subject property 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.
LOCATION MAP 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.
AREA MAP 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.
MARKET overview
CHARLOTTE, NORTH CAROLINA
Charlotte is the most populous city in the U.S. state of North Carolina. Between 2004 and 2014, Charlotte was ranked as the country's fastest-growing metro area, with 888,000
new residents. Based on U.S. Census data from 2005 to 2015, Charlotte tops the U.S. in millennial population growth. It is the third-fastest-growing major city in the United States
and the second-largest city in the southeastern United States.
Charlotte is home to the corporate headquarters of Bank of America, Truist Financial Corp., and the east coast operations of Wells Fargo, which along with other financial
institutions has made it the second-largest banking center in the United States behind New York City. As of 2019, Charlotte has seven Fortune 500 companies in its metropolitan
area.
Among Charlotte's many notable attractions, some of the most popular include the Carolina Panthers (NFL), the Charlotte Hornets (NBA), and the NASCAR All-Star Race.
Charlotte is home to the US's only Formula One team, Haas F1, multiple teams and offices of NASCAR, the NASCAR Hall of Fame, and Charlotte Motor Speedway in Concord.
Approximately 75% of the NASCAR industry's race teams, employees and drivers are based nearby. The large presence of the racing technology industry and the newly built
NHRA dragstrip, zMAX Dragway at Concord, are influencing other top professional drag racers to move their shops to Charlotte as well. In addition to the Charlotte MSA’s fast
growing population, the Charlotte Douglas International Airport is the sixth busiest airport in both the U.S. and the world overall.
3rd Fastest Growing Major City Ranked as the Country’s Fastest 2nd Largest Banking
in the U.S. and 2nd Largest Growing Metro Area with 888K Center in the United States
City in the Southeastern U.S. New Residents (2004 to 2014) behind New York City
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.DEMOGRAPHIC REPORT
NEW PROTOTYPE LOCATION
population 1 MILE 3 MILES 5 miles households 1 MILE 3 MILES 5 miles
2026 Projection 8,642 50,507 89,385 2021 Est. Avg. HH Income $64,249 $75,354 $76,625
2021 Estimate 8,182 47,899 84,948 2026 Projection 3,342 19,342 34,640
2010 Census 7,318 42,308 74,831 2021 Est. Households 3,170 18,394 32,983
Percent Change 2010-2021 11.81% 13.21% 12.61% 2010 Census 2,860 16,430 29,291
Percent Change 2021-2026 5.62% 5.45% 5.02% Percent Change 2010-2021 10.84% 11.95% 12.61%
Median Age 37.09 37.93 38.48 Percent Change 2021-2026 5.43% 5.15% 5.02%
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.Wertz Real Estate Investment Services
3138 Roosevelt Street, Suite L
Carlsbad, CA 92008
Tel: (619) 218-6427
Fax: (858) 408-1830
www.wertzrealestate.com
Limited Nonresident Commercial Real Estate Broker
Listed with North Carolina broker
David B Zacharia license 299302represent only you (as a buyer’s agent
willing for them to represent both you and the seller at
the same time (as a dual agent
hen buying or selling real estate, you may method for determining the sales commission or fee and them represent only the seller (seller’s agent or subagent Agents are required to review this with you and must retain
By signing, I acknowledge that the agent named below
Duties to Buyer:
to represent you and represent you, they must promote your best interests
agency relationship” is most likely to happen if an agent be loyal to you follow your lawful instructions
buyer’s agent with
If you are selling real estate, you may want to “list” decisions use reasonable skill, care and diligence, and Buyer or Seller Name (Print or Type)
occurs and you have not already agreed to a dual agency
relationship in your listing agreement, your listing agent
to represent you in your dealings with buyers as your seller’s will ask you to amend your listing agreement to permit the its agents to be your buyer’s agent, they may not give any Buyer or Seller Signature
agent
times the same agents work for both the buyer and the dual agent to advance the
Buyer or Seller Name (Print or Type)
Be sure to read and understand the listing agreement dual until you make this agreement with your buyer’s agent,
agent you should avoid telling the agent anything you would
Although the dual agent owes them the same duties, buyers not want a seller to know Buyer or Seller Signature
is representing you as your agent or simply assisting Duties to Seller: and sellers can prohibit dual agents from divulging certain Unwritten Agreements: To make sure that you and
promote your best interests be loyal to you follow your
lawful instructions provide you with all material facts that Date
use reasonable skill, care David B Zacharia
and diligence, and account for all monies they handle for
This brochure addresses the various types of Firm Name
option (when available) may allow each “designated agent”
David B Zacharia 299302
about you to prospective buyers or their agents without your If you choose the “dual agency” option, remember
Agent Name License Number
until you sign that since a dual agent’s loyalty is divided between parties
It should help you decide which relationship you want the listing agreement, you should avoid telling the listing with competing interests, it is especially important that you
agent anything you would not want a buyer to know have a clear understanding of what your relationship is
Services and Compensation: To help you sell your with the dual agent and what the agent will be doing for David B Zacharia 299302 (Complete, if applicable)
Agent Name License Number When showing you property and assisting you in the
helping
useful information about the various services real estate David B Zacharia
you price your property advertising and marketing your
represent the SELLER. For more information, see “Seller’s
property giving you all required property disclosure forms Firm Name
agents can provide buyers and sellers, and it will help for you to complete negotiating for you the best possible When buying real estate, you may have several Agent Working with a Buyer” in the brochure.
price and terms reviewing all written offers with you and
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