Popeyes Master Lease Portfolio

CBRE is pleased to offer for sale the Popeyes Master Lease Portfolio (the “Offering”) consisting of 31,988 square feet across 14 restaurants in Florida and Illinois. The properties are subject to an absolute NNN master lease with Sailormen, Inc., featuring a year-one NOI of $2,142,685, ±16.7 years of term remaining and rare 2% annual rent increases throughout the term and the four 5-year renewal options. The tenant agreed to a 10-year early lease extension in 2021, signaling their strong commitment to the sites within the portfolio. The properties are all positioned within bustling retail and commercial corridors and boast an average 3-mile population of 70,281 and a 3 mile average household income of $84,191. Based in Miami, Florida, Sailormen, Inc. was founded in 1984 and is a Popeyes Louisiana Kitchen franchisee and operator with 200+ units, 2,200 employees and approximately $250M in annual income. Sailormen, Inc. is well-positioned for future growth and has a strong track record of profitability with revenue growing by 1.75% from 2021 to 2022.