March 19, 2024 – Matt Nadler, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Popeyes in Spartanburg, South Carolina. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,970,000.
The Popeyes is located at 2089 East Main Street in Spartanburg, South Carolina. The new construction Popeye’s has a 20-year Absolute NNN Ground Lease with five (5), 5-year renewal options. The lease calls for attractive rent increases every five years throughout the base term and at the start of the renewal options. The Popeyes Absolute NNN Ground Lease offers investors long-term security with a significant capital investment by Popeyes and the operator, strong underlying real estate fundamentals, and zero management responsibilities. The new construction Popeyes is an outparcel to Lowe’s and is positioned in front of the East Main Center Shopping Mall and Tractor Supply Co. The Property enjoys outstanding frontage and visibility along East Main Street (US Highway 29), the area’s primary commercial and commuter corridor. Popeye’s is across the street from a new Lidl and is seconds from a Walmart Supercenter and the Publix anchored Hillcrest Shopping Center. The Property is surrounded by national and local retailers and restaurants that drive traffic to the area, and densely populated residential neighborhoods that provide a built-in customer base. Popeyes is 2 minutes from Spartanburg High School and is within 10 minutes of seven area primary schools with a combined enrollment of more than 5,850 students. Additionally, the area is home to several colleges and Universities including Wofford College, University of South Carolina Upstate, Spartanburg Community College, and Converse University.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the 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.