KFC GROUND LEASE WITH 30 YEAR OPERATING HISTORY • The subject property is an 0.67 Acre KFC ground lease in Memphis, TN. • KFC has been operating at this location for over 30 years and the store was recently reimaged in 2018. • The tenant recently exercised a 5 year option and there are over 4 years remaining on a NNN ground lease with an experienced multi-unit operator. • Tenant is 100% responsible for all expenses, which include taxes, CAM, insurance, roof and structure.
EXPERIENCED MULTI-UNIT OPERATOR • Fowler Foods (Memphis Foods, LLC) is an experienced food owner and operator based out of Jonesboro, AK that was founded in 1970. • This franchisee currently owns and operates 88 restaurants in 8 states including 23 KFC restaurants. • Fowler Foods has revenues of $20 Million with 1500 employees across the company.
ATTRACTIVE LOW RENT/PRICE POINT DEAL • KFC is paying a low $79,105 ($34.39/SF) in rent which makes it unlikely the tenant will leave and equates to an attractive low price point. • KFC has been operating at this location for over 30 years and recently renewed a 5-Year Option. • There are no remaining options in the lease which represents the opportunity for a savvy investor to negotiate a new lease and higher rent in 4 years. • The property sits on 0.67 Acres and consists of a drive thru and has two access points onto Riverdale Road (42,769 VPD) and Gleneagles Drive.
KROGER OUTPARCEL LOCATION • This store is well located as an outparcel to a Kroger anchored shopping center (Gleneagles Court), which is an epicenter of shopping for southeast Memphis residents. • With sales exceeding $22M, Kroger has displayed strong commitment to the center through a recent lease extension and the development of a gas center. • This strong retail corridor is located within a dense neighborhood with a 5-Mile population of 161,720 and an average household income of approximately $78,000. • Gleneagles Court is located at the intersection of E Shelby Drive (40,567 VPD) and Riverdale Road (42,769 VPD) with access points to both corridors. • Additional surrounding national retailers include Walmart Neighborhood Market, Walgreens, Roses, Wendy’s, Taco Bell and More.
MEMPHIS • Memphis is the second most populous city in the State of TN with a population of 650,618 and an MSA population of 1,348,260. • The largest employer in Memphis is the multinational courier corporation FedEx, which maintains its global air hub at Memphis International Airport, making it the second-busiest cargo airport in the world. • Located on the Mississippi River and intersected by five major freight railroads and two Interstate Highways, I-40 and I-55, Memphis is ideally located for commerce in the transportation and shipping industry. • Founded in 1979 and based in Memphis, AutoZone is the largest aftermarket automotive parts store in America with 6,300 stores across the U.S, Mexico, and Brazil.