KFC GROUND LEASE WITH 30 YEAR OPERATING HISTORY •The subject property is a 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 ($16.48/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.