Desirable National Tenant: Popeyes Louisiana Kitchen – World’s 2nd Largest Quick Service Chicken Concept – New Build to Suit Construction with Drive Thru Lane – The subject property is a new build-to-suit quick service restaurant with drive thru that is leased to The Big Spicy Corporation, dba Popeyes Louisiana Kitchen.
Popeyes Louisiana Kitchen is the world’s second largest quick service chicken concept as measured by total number of restaurants. As of December 31, 2017, Popeyes owned or franchised a total of 2,892 restaurants, distinguished with a unique “Louisiana” style menu featuring spicy chicken, chicken tenders, fried shrimp and other seafood, red beans and rice and other regional items.
Brand New 20 Year NNN Lease – Zero Landlord Responsibilities – Excellent Rent Growth – The new 20-year NNN lease commences in January 2019, and features 10% rent increases every 5 years in Primary Term and the (4) 5-year option periods. The Absolute NNN lease requires zero landlord responsibilities, offering an investor a passive income stream with solid rent growth.
Hard Corner Signalized Intersection – Major Commuter Corridor – Dense Infill Location – Popeyes is situated on a hard corner signalized intersection along Telegraph Rd, offering outstanding signage and visibility to 26,000+ cars per day. Telegraph Rd is a major commuter corridor in the area, offering quick access to Interstate 5 just a few blocks from the site. Additionally, the property is located in a dense infill location, with nearly 62,000 households within a 3-mile radius of the site.
Located in the City of Pico Rivera – Minutes from Downtown Los Angeles – Business-Friendly City – The subject property is located in Pico Rivera, a city in Los Angeles County, California only 11 miles southeast of downtown Los Angeles. Pico Rivera is a thriving community that is home to a balanced mix of homes, businesses and recreational facilities.
The City of Pico Rivera was awarded the “Most Business-Friendly City in Los Angeles County” in 2016, reflecting its commitment to economic development, excellence in programs and services to facilitate business entry, expansion and retention, and availability of economic incentives for area businesses. It is the home of the US Corporate Headquarters for Aurora World (toys) and BakeMark (bakery ingredients), as well as top employers Bimbo Bakeries, Cintas and Southern California Material Handling.
Revitalized City – New Redevelopment – Site of New $110 Million Water Treatment Plant – There has been significant redevelopment in the city, with the opening of the Pico Rivera Towne Center, a 60-acre open-air shopping complex; Pico Crossing, a 2.79-acre shopping center; and, the Pico Rivera Village Walk, a $22 million, 12-acre shopping center located at the southwest corner of Whittier and Paramount boulevards.
The Water Replenishment District of Southern California recently completed a $110 million water recycling plant in Pico Rivera, built by J.F. Shea Construction, a Walnut-based developer. The plant is a giant step for Los Angeles County, which will no longer need water pumped from Northern California or the Colorado River in order to serve its 4 million customers.