JUST LISTED: Popeyes Spanish Fork, UT | 20-Year Absolute NNN Lease | Busy Retail Corridor

1301 N Canyon Creek Pkwy Spanish Fork, UT 84660

1301 N Canyon Creek Pkwy, Spanish Fork, UT, 84660
1301 N Canyon Creek Pkwy, Spanish Fork, UT, 84660
Property Type:
Single Tenant Retail (NNN)
Cap Rate:
Last Verified:
May 12, 2022

Single-tenant Popeyes® sale-leaseback investment opportunity, offering a rare brand-new, 20-year absolute triple-net (NNN) lease with 7.5% rental increases every five years and four (4), five (5) year option periods. The tenant, the Dhanani Group, has been in business since 1976 and is a large quick-service restaurant (QSR) franchise development group that operates approximately 400 Popeyes® Nationally. Founded in 1972, Popeyes® has more than 40 years of history and culinary tradition. Popeyes® distinguishes itself with a unique New Orleans style menu featuring fried chicken, chicken sandwiches, chicken tenders, fried shrimp, drinks, deserts, family and kids meals, and other regional items. They have over 3,500 restaurants in the U.S. and around the world. Their parent company Restaurant Brands International Inc. is one of the world’s largest quick-service restaurant companies with more than $35 billion in annual system-wide sales and over 29,000 restaurants in more than 100 countries (Source: rbi.com). Nearby national retailers include Walmart Supercenter, Lowe’s, Costco, Cinemark, T.J. Maxx, Ulta Beauty, Hobby Lobby, HomeGoods, Ace Hardware, Petco, Olive Garden, Texas Roadhouse, Chick-fil-A, In-N-Out Burger, McDonald’s, Starbucks, Panda Express, Wendy’s, Arby’s, Burger King, and many more. The Property is less than half a mile south of Spanish Fork Hospital, a 33-bed healthcare facility that recently opened in 2021. The 2021 average household income in a five-mile radius of the Property is $98,773 (Source: Esri). Located approximately 10 miles north of the Property is Brigham Young University, a ±557-acre private university with ±34,737 total daytime students (Source: byu.edu). Located on I-15, Spanish Fork is 15 minutes south of Provo and less than an hour south of Salt Lake City. There are over 40 ski resorts, golf courses and miles of hiking trails surrounding the city, making it a perfect vacation getaway, year-round.

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.