Single Tenant Popeyes

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Popeyes, (the “Property”) in Camden, Delaware, a town just five (5) miles south of Dover in Kent County. Popeyes commenced their 30-year lease in July 2024, featuring 10% rental increases every 5 years. The property is currently under construction, with completion expected in July 2025. Popeyes operates on a triple-net (NNN) ground lease, allowing for a hands-free, passive form of ownership. The Popeyes will be run by AR Group of Restaurants, Inc., a 120+ unit operator with Popeyes, Taco Bell, and Dunkin’ locations across Delaware, New Jersey, New York, and Pennsylvania. The Lease features a guaranty from the President & CEO of AR Group of Restaurants, Ali Butt and partner Shahid Cheema. Strategically positioned less than five miles south of Dover along South Dupont Highway (46,200 VPD), the property enjoys outstanding visibility and access to high daily traffic volumes. It is situated as a pad site to a top-performing Lowe’s Home Improvement store, which ranks among the strongest locations in the chain. The property features a rare two (2) lane drive-thru that allows for convenient and efficient customer service. Popeyes is surrounded by a host of nearby, national retailers along South Dupont Highway (46,200 VPD), some of which are the top retailers within their respective chains. The nearby Walmart Supercenter is the #1 Walmart in Delaware and in the top 84% of Walmart’s in the United States. The Lowe’s Home Improvement that sits just behind Popeyes ranks in the top 88% of Lowe’s in Delaware and the top 81% of Lowe’s in the United States. The area surrounding the property has experienced significant demographic growth since 2020, with the population and number of households within a 1-mile radius increasing by 12.49% and 13.86%, respectively. This upward trend is projected to continue through 2029. The property's 1- and 3-mile trade areas also reflect strong affluence, with average household incomes of approximately $123,000 and $106,000, respectively. Popeyes was founded by Al Copeland in New Orleans, Louisiana and offers a unique menu filled with New Orleans style fried chicken now famous internationally. In February of 2017, Popeyes was acquired by Restaurant Brands International, a Canadian corporation, for $1.8 billion. In Q4 of 2024, Popeyes Louisiana Kitchen (U.S. and Canada) reported revenues of $201 million, a 10.44% increase over Q4 of the previous year. FY 2024 revenue sat at $768 million, up 10.98% over FY 2023.