4541 HWY 90
Pace, FL 32571
Popeye's · Retail Property For Sale

Marcus & Millichap is pleased to present for sale this single-tenant, absolute triple-net lease Popeyes Louisiana Kitchen Restaurant investment opportunity located at 4541 Highway 90, Pace, Florida, part of the Pensacola MSA. The property consists of 1.45-acres improved with an approximately 2,265-square foot building. The newly constructed restaurant has a brand new 15-year lease in place with Sailormen, Inc, one of the largest domestic franchisees of Popeyes Louisiana Kitchen restaurants, currently operating 97 Popeyes in Florida and Georgia, with approximately eight to ten new restaurants being built every year. Annual base rent is set at $149,205 with 10 percent rental increases every five years in the base term, as well as the five five-year renewal options. Located along Hwy 90, which runs parallel to I-10, connecting all the major cities along Florida’s Panhandle, the property is among national retailers in a thriving retail corridor. The location boasts excellent traffic counts of approximately 34,000 vehicles per day and nearly 170,000 people residing within ten miles of the restaurant. The new restaurant is also within walking distance to two major shopping centers in the area featuring Target, TJMaxx, Publix, Home Depot, Dick’s Sporting Goods, Walmart, and an eight-screen movie theater. This new construction Popeyes has a scheduled Opening Date of May 2019. Other national nearby retailers include Chick-fil-A, KFC, Chili’s, Panera, Burger King, Firehouse Subs, and Five Guys.