Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Popeyes Louisiana Kitchen, (the “Property”) in Dover, a city in New Castle County, Delaware and part of the Philadelphia MSA which is home to over 6.2 million residents. Popeyes operates on a triple-net (NNN) ground lease with 27.5+ years of term remaining and 10% rental increases every 5 years. The triple-net (NNN) lease structure allows for a hands-free, passive form of ownership. Popeyes features a rare two (2) lane drive-thru that allows for convenient and efficient customer service. The Popeyes will be run by AR Group of Restaurants, Inc., a 100+ unit operator with Popeyes, Taco Bell, and Dunkin’ locations across Delaware, New Jersey, New York, and Pennsylvania. The property sits along Christiana Road (DE-273), where the property benefits from excellent visibility to the 56,800 VPD. Popeyes can be easily accessed from Exit 3 southbound off Interstate 95, the main north-south interstate highway of the East Coast that boasts 211,800 VPD. Popeyes sits in New Castle County, the wealthiest county in Delaware. The 5-mile area surrounding the Property exhibits excellent demographics with a population of 200,000 and over 78,000 households. The same area boasts an average household income of $107,000. Newark is home to Christiana Mall, the #1 Super-Regional Mall and the #1 Target location in Delaware. Nationally, the Target ranks in the top 96th percentile, the Christiana Mall ranks in the top 88th percentile of Super-Regional Malls, and Costco ranks in the top 77th percentile, cementing the strength of the retail corridor within the region and the country (Placer.ai). Multiple commercial developments are in progress in the area surrounding the property. Garrett Woods, a newly built residential community plans to add 167 units to the community. Additionally, the Avon Commons in Newark is a proposed redevelopment that will consist of 220-apartment units, 175,000 square feet of retail and 93,000 square feet of office space. Popeyes is a leading fast food restaurant and subsidiary of Restaurant Brands International, one of the world’s largest quick-service restaurant (QSR) companies with more than $40 billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries. In Q3 of 2024, Popeyes Louisiana Kitchen (U.S. and Canada) reported revenues of $195 million, a 10.17% increase over the previous year. Popeyes store count also increased to 3,465, an increase of 136 over the same period in 2023. As of Q3 2024, Restaurant Brands International reported a net income of $357 million. LONG-TERM (27.5+ YEARS) LEASE FEATURING RENTAL INCREASES – Popeyes commenced their 30-year lease in 2022 and currently have 27.5+ years of firm term remaining with 10% rental increases every 5 years. NNN GROUND LEASE– Popeyes operates on a triple-net (NNN) ground lease. The triple-net (NNN) lease structure allows for a hands-free, passive form of ownership. RARE TWO (2) LANE DRIVE-THRU – Popeyes features a rare two (2) lane drive-thru that allows for convenient and efficient customer service. LEASE GUARANTY FROM TOP OPERATOR – The Popeyes will be run by AR Group of Restaurants, Inc., a 100+ unit operator with Popeyes, Taco Bell, and Dunkin’ locations across Delaware, New Jersey, New York, and Pennsylvania. The Lease also features a guaranty from the President & CEO of AR Group of Restaurants, Ali Butt and partner Shahid Cheema. PRIME LOCATION (PHILADELPHIA MSA) – The property sits along Christiana Road (DE-273) in Newark, Delaware where the property benefits from excellent visibility to 56,800 VPD. Newark sits just 10 miles from Wilmington and 35 miles from Philadelphia in New Castle County. This location is embodied within the Philadelphia MSA, home to over 6.2 million residents and the 8th largest metro area in the country. SECONDS FROM MAJOR INTERSTATE HIGHWAY 95 (211,800 VPD) – Popeyes can be easily accessed from Exit 3 southbound off Interstate 95, the main north-south interstate highway of the East Coast that boasts 211,800 VPD. DENSELY POPULATED, AFFLUENT AREA – Popeyes sits in New Castle County, the wealthiest county in Delaware. The 5-mile area surrounding the Property exhibits excellent demographics with a population of 200,000 and over 78,000 households. The same area boasts an average household income of $107,000. NEARBY DEVELOPMENTS – Multiple commercial developments are in progress in the area surrounding the property. Garrett Woods, a newly built residential community plans to add 167 units to the community. Additionally, the Avon Commons in Newark is a proposed redevelopment that will consist of 220-apartment units, 175,000 square feet of retail and 93,000 square feet of office space. STRONG PLACER.AI PERFORMANCE OF SURROUNDING RETAIL – The area surrounding the property is home to Christiana Mall, the #1 Super-Regional Mall in Delaware and the #1 Target location in Delaware. Nationally, the Target ranks in the top 96th percentile, the Christiana Mall ranks in the top 88th percentile of Super-Regional Malls, and Costco ranks in the top 77th percentile, cementing the strength of the retail corridor within the region and the country (Placer.ai). BUSTLING RETAIL CORRIDOR – Popeyes is surrounded by a host of nearby, national retailers such as: Target, The Home Depot, Lowe’s Home Improvement, Costco, ALDI, ACME Markets, Trader Joe’s, Chase Bank, PNC Bank, WSFS Bank, Walgreens, Best Buy, Burlington, Marshalls, HomeGoods, Dick’s Sporting Goods, Hobby Lobby, Five Below, Petco, Planet Fitness, Harbor Freight, Mattress Firm, The UPS Store, 7-Eleven, Wawa, Chili’s Grill + Bar, Red Robin, McDonald’s, Starbucks, Chick-Fil-A, Dunkin’, Wendy’s and much more demonstrating the strength of the retail corridor. In Cooperation with DSM Commercial: License # RB-0020207