July 12, 2021 – Kyle Danielson and Justin Spillane of Horvath & Tremblay have successfully completed the sale of Popeyes in Glen Allen, Virginia. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,621,000.
The Popeyes is located at 10213 Washington Hwy, Glen Allen, Virginia. The property consists of nearly an acre of land improved with an approximately 2,265-square foot building. The newly constructed restaurant has a brand new 20-year lease in place with a highly awarded franchisee currently operating 8 Popeyes Louisiana Kitchen restaurants in the Richmond, Virginia area with above average annual sales across their stores. Annual base rent is set at $159,900 with 10 percent rental increases every five years in the base term, as well as in the three five-year renewal options. The restaurant sits on the hard corner of US Route 1 (Washington Highway) and Greentop Center Drive, on the north side of Richmond, in the center of the areas retail core and just off Interstate 95. Nearby retailers include Home Depot, Target, Sonic, Taco Bell, Jiffy Lube, Arby’s and numerous others. Traffic counts at the site exceed 21,000 vehicles per day and will continue to grow.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.