Franchising

$1.6M paid for high-traffic South Carolina Popeyes property

Photo: iStock

October 1, 2020

Restaurant property real estate investment trust, Four Corners Property Trust, paid $1.6 million to acquire a South Carolina Popeyes restaurant property from the Seritage Growth Properties.

The Popeyes (franchisee lease) is located within a highly trafficked and populated corridor and has a remaining term of approximately 14years. The transaction was priced at a cap rate in range with previous Four Corners Property Trust transactions, according to a press release.

With this acquisition, Four Corners Property Trust, based in Mill Valley, California, has spent $59 million for 19 properties from Seritage.