Popeyes | Single-Tenant Absolute NNN Ground Lease

Investment Overview

We are pleased to present the opportunity to acquire a single-tenant, ground lease Popeyes asset in Waterbury, Connecticut. The property is 100% leased on an absolute NNN basis to a seasoned Popeyes operator with a proven operating history and regional scale.  The 20-year lease commenced in 2021 with 16 years of firm term remaining and no landlord responsibilities, offering truly passive, long-term income.

Strategically positioned at the signalized intersection of Huntingdon Avenue and Thomaston Avenue – just off the CT Route 8/James H. Darcey Memorial Highway (35,000+ VPD) – the asset benefits from excellent visibility and combined traffic counts exceeding 35,400 vehicles per day at the hard corner.  The 1.21-acre parcel offers a drive-thru layout, efficient ingress/egress, and strong site fundamentals supporting sustained tenant performance.

Importantly, this is a rare opportunity to acquire a ground lease QSR asset in a high-barrier-to-entry Northeastern market.  The greater New Haven–Waterbury corridor features strict zoning, limited retail pad availability, and entrenched demand from long-established neighborhoods.  Drive-thru entitlements remain scarce in Connecticut, enhancing the long-term value of the site.

Waterbury anchors the Central Naugatuck Valley and sits just 30 minutes from Yale University, 40 minutes from Hartford, and within 30–45 minutes of other major institutional anchors including University of Bridgeport, Sacred Heart University, and Western Connecticut State University in Danbury.  These regional institutions, along with two major hospitals and over 3.5 million square feet of industrial inventory, generate reliable foot traffic, workforce housing demand, and daily consumer spending across the trade area.

This offering represents a compelling opportunity to acquire a passive, recession-resistant QSR investment with future upside in one of the most supply-constrained and institutionally backed regions of the country.

Investment Highlights

• Absolute NNN Ground Lease – Zero Landlord Responsibilities
  • Long-Term 20-Year Lease Commenced in 2021
• Proximity to Yale University – Major Economic Anchor
  • Located 24 Miles from Yale – Global Research Institution & Top Employer
  • Yale’s $42 Billion Endowment & 14,000+ Employees Support Regional Housing, Healthcare, & Service Sectors
• Rare Northeastern Offering – High Barriers to Entry
  • Infill Real Estate with Long-Term Land Value & Irreplaceability
  • Limited Availability of Drive-Thru Sites in CT & New England
• Drive-Thru QSR – Recession-Resistant Tenant Category
  • Popeyes Continues Rapid Expansion Nationally (3,705 Locations)
  • Fast Casual/QSR Section Remains Essential & High-Performing
• Passive, Reliable Cash Flow – Below Market Rent
  • Fast Casual/QSR Sector Remains Essential and High-Performing
  • Lease Structured for Predictable Income Long-Term
• Waterbury, CT – Just 77 Miles from New York City
  • Largest City in Naugatuck Valley
  • Home to Post University & Campuses for UConn, University of Bridgeport, & Western Connecticut State
• Strategic Signalized Corner Location – Retail Corridor
  • Prominent Intersection with Combined Traffic Counts of 35,400 VPD: Huntingdon Ave & Thomaston Ave
  • Immediate Access to CT Route 8 (35,400 VPD) – Major Arterial Through Waterbury
• Attractive Site Fundamentals – 1.21 Acre Lot
  • Efficient Site Layout with Excellent Access & Visibility
  • Ample Parking & Drive-Thru Stack Capacity
• Dense Trade Area – Growing Local Demand
  • Surrounded by Retail, Residential, and Industrial Drivers
  • Nearby National Retailers include Target, ALDI, Walmart Supercenter, TJ Maxx, PetSmart, & more
  • Excellent Long-Term Real Estate Fundamentals in Greater New Haven County