Desirable National Tenant: Popeyes Louisiana Kitchen (“Popeyes”) – World’s 2nd Largest QSR Chicken Concept – Popeyes Louisiana Kitchen, which 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 – Guaranteed by High Net Worth Multi-Unit Franchisee – Strong Rent Growth – The operator Karas Food Inc., is an experienced high net worth multi-unit operator that is providing an investor with the added security of a personal guaranty (financials available upon request). The new 20-year NNN lease features 8% rent increases every five years in the Primary Term and (1) 5-year option period offering an investor a passive income stream with solid rent growth. The lease commenced in October 2018 and has an expiration date of September 2038.
Proximity to Marine Corps Air Ground Combat Center (“29 Palms”) – Largest U.S. Military Base in the World – Popeyes is located within 28 miles of the Marine Corps Air Ground Combat Center (MCAGCC), also known as 29 Palms, which is home to the largest military training area in the nation (and the largest US base in the world), and consequently, the largest training program. The population of 29 Palms includes 12,500 active duty, 24,000 family members, and another 21,000 DoD/Contractors. Because Southern California is a popular retirement location, 29 Palms has about 1,200 retirees in the area.
Located in the Town of Yucca Valley: Gateway to Joshua Tree National Park (2.8 Million Visitors in 2017) – Population Growth & Rise in Home Values – The subject property is located within the Yucca Valley, a town in San Bernardino County, California with a population of approximately 22,000 residents. Yucca Valley is the gateway to Joshua Tree National Park and the economic hub for the Morongo Basin. Joshua Tree has become one of the most popular tourist destinations with 2.8 million visitors in 2017.
Yucca Valley has seen strong population growth as people look for a more economical option for housing. Between 2000 and 2016, the population of Yucca Valley increased by 4,416 residents or 26.2%, outpacing the San Bernardino County growth rate of 25.1%. Additionally, the median home sales price increased by 68% between 2010 and 2016.
Strategic Location Along SR 62/Twentynine Palms Hwy (28,000 CPD) – Location Caters to Interstate 10 Commuters – The Popeyes is ideally situated along Twenty-Nine Palms Highway/State Route 62, offering outstanding signage and visibility to 28,000+ cars per day. Twenty-Nine Palms Hwy is the main transportation artery in/out of Yucca Valley for travelers commuting to/from Joshua Tree State Park and military personnel traveling to/from 29 Palms Marine Corps military base, home to the largest U.S. military base in the world. Additionally, the site offers an outstanding location for drivers commuting to nearby cities, offering quick access to Interstate 10 to Palm Springs, San Bernardino, Riverside and beyond.