2235 Lamar Ave
Memphis, TN 38114
Corporate Popeyes - Memphis, TN · Retail Property For Sale

This offering presents a rare opportunity to acquire a corporate-operated Popeye’s in a high-exposure drive-thru QSR location with significantly embedded rent upside. The core investment thesis is the ability to reset the current rent of $15,552 annually to approximately $160,000 upon expiration of the option term in 2039.
The original 10-year absolute NNN lease, with three 10-year options, was executed on December 9, 1998, when an older freestanding donut shop occupied the site. The lease provided the tenant the right to demolish and redevelop the property at their expense, which was completed in 2001 with the construction of the current freestanding Popeye’s. The final 10-year option commences in May 2029 at $18,862 annually, with a hard lease end date of April 30, 2039.
Lamar Avenue (36K+ VPD) is one of Memphis’ primary commuter and logistics corridors, supporting strong daily traffic and long-standing quick-service demand. The site benefits from approximately 36,000 vehicles per day and is located just five miles from Memphis International Airport. Notably, of the more than 5,400 global Popeye’s locations, only 50 are corporate-operated.
At just 10% of market rent, this asset offers a clearly defined mark-to-market opportunity within a long-standing corporate QSR location.