bojangles’ dollar general · bojangles’ was founded in 1977 and today operates 759 restaurants...

Dollar Generalcypresscommercial.com

Bojangles’Charlotte, North Carolina

NET LEASE INVESTMENT OFFERING

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TABLE OF CONTENTS:

Company Overview 3

Disclaimer 3

Investment Overview | Property Highlights 4

Sales Summary | Lease Information 5

Regional Map 6

Local Aerial 7

Local Aerial 8

Site Aerial 9

Site Plan 10

Charlotte, NC 11

Tenant Summary 12

Demographics 13

PRESENTED BY:

James C. Harrison, III, CCIMBroker-in-Charge803 834.7014 Ext. 1 (o)803 331.8088 (c)[email protected]

ADDRESS:

Cypress Commercial & Investment Real Estate3101 Devine StreetColumbia, SC 29205

cypresscommercial.com


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COMPANY OVERVIEW:

Cypress Real Estate Partners, LLC d/b/a Cypress Commercial & Investment Real

Estate is an investment real estate brokerage firm that exclusively represents

buyers and sellers of single-tenant income producing properties and shopping

centers in the Carolinas and southeastern United States. With over 80 years

of investment real estate experience, Cypress has emerged as one of the top

boutique investment real estate firms. Cypress’ brokerage team prides itself on

delivering superior client service while offering the most current and advanced

marketing techniques in today’s marketplace. Cypress has sold over $1 billion in

investment properties throughout the Carolinas and eastern half of the United

States, representing both buyers and sellers in both metropolitan and rural

marketplaces.

DISCLAIMER:

It is the prospective purchaser’s responsibility to conduct its own due diligence.

The information contained in this brochure does not purport to be all-inclusive

or to contain all of the information that a prospective purchaser may desire.

Additional information and an opportunity to inspect the property will be

made available to interested, qualified prospective purchasers. Owner and its

representatives make no representation or warranty, express or implied, as to

the accuracy or completeness of this information, and no legal commitments

or obligations shall rise by reason of the contents herein. Cypress Real Estate

Partners d/b/a Cypress Commercial & Investment Real Estate represents the

Seller in this transaction.

The owner expressly reserves the right, at its sole discretion, to reject any or

all expressions of interest by any entity at any time with or without notice. The

Owner shall have no legal commitment or obligation to any entity reviewing

this information or making an offer to purchase subject property unless and

until a written agreement for the purchase of the property has been fully

executed, delivered and approved by the owner.

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Investment Overview / Property HighlightsINVESTMENT HIGHLIGHTS:

PROPERT Y HIGHLIGHTS:

• Established site since 1996

• New Recast Eleven (11)+ year Lease with (4) Four (5) Five year options each with 10%

increases

• NNN Lease with Bojangles’ Restaurants, Inc. Corporate

• Tenant has committed to remodel the building in 2020

• Bojangles’ operates over 750 locations in 12 states and of those over 300 are situated in NC

• Located on the inside of the I-485 Beltway approx 7 miles from Charlotte CBD

• High Traffic Count: Sunset Rd - 29,000 VPD

Location: 4322 Sunset Rd, Charlotte, NC 28216 (Mecklenburg County)

Building: 3,640+/- SF Quick Service Resturant (QSR) Building

Land Area: 1.688+/- Acres

Parking Spaces: 64 Spaces

Zoning: General Commercial

Construction: Built in 1996; Brick over Metal Structure

Site: This Bojangles’ Restaurant is located on the south side of Sunset Rd in Charlotte, NC. It is approximately 7 miles to

Downtown Charlotte, 11 miles to the Charlotte Douglas International Airport and just west of Interstate 77 at Exit 16.

Bojangles’

Actual Photo

Charlotte, North Carolina

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Lease InformationSALES SUMMARY

Purchase Price $1,550,000

CAP Rate 5.61%

LEASE INFORMATION

Tenant Bojangles’ Restaurants, Inc.

Lease Term 11 Years

Annual Rental

Renewal Options

Current Rent thru 12/10/2020 $101,935 Years 2-6: 12/11/2020-12/10/2025 $87,000 Years 7-11: 12/11/2025-12/10/2030 $94,000

Four 5 Year Options each with 10% Annual Increases

Current Lease Expiration Date December 31, 2030

Lease Type NNN

Landlord Responsibilities None

Representative Photo

Bojangles’


Actual Photo


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Bojangles’

Regional MapCharlotte, North Carolina

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Bojangles’

Local AerialCharlotte, North Carolina

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Local Aerialcypresscommercial.comBojangles’Charlotte, North Carolina

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Site Aerial


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Bojangles’

Site PlanCharlotte, North Carolina

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Bojangles’

Charlotte, North Carolina Charlotte is the largest city in the state of North Carolina. It is the county seat of Mecklenburg County and the second-largest city in the

southeastern United States. Charlotte is also the third largest growing major city in the United States. Charlotte, known as the Queen City,

is home to the corporate headquarters of Bank of America and the east coast operations of Wells Fargo, which along with other financial

institutions makes it the second largest banking center in the United States. Charlotte has nine Fortune 500 companies in its metropolitan area.

Bank of America Stadium, home of the Carolina Panthers, is located in uptown Charlotte as well as the Time Warner Cable Arena where the

Charlotte Hornets Basketball team plays.

Bank of America Stadium


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Bojangles’

Tenant SummaryBojangles’ was founded in 1977 and today operates 759 restaurants in 11 southeastern states. About half

of the stores are owned and operated by corporate; the other half are owned by franchisees. “Bojangles’

Famous Chicken n’ Biscuits” is a regional chain of quick service resturants specializing in spicy Cajun fried

chicken and buttermilk biscuits. Headquartered in Charlotte, North Carolina, Bojangles’ has the second

highest average per unit sales in the chicken fast food segment ahead of Popeye’s, KFC, Zaxby’s and

Church’s Chicken. Only Chick-Fil-A does more dollar volume per store.

The Wall Street Journal has ranked Bojangles’ as one of “25 High-Performing Franchises across all

industries.” Among other recognitions, Entrepreneur Magazine has named Bojangles’ the number one

resturant in the chicken category. QSR Magazine also has listed Bojangles’ in its Top 10. Franchise Deals,

Inc. magazine has listed Bojangles’ among the fastest frowing private companies for the last several years.

Bojangles’ Restaurants, Inc. was acquired by Advent International in 2011. Advent International is one

of the world’s leading global buyout firms with offices in 17 countries on four continents. Advent took

Bojangles’ public on May 8, 2015. The stock trades on the NASDAQ Exchange under the ticker symbol

“BOJA.”

On November 6, 2018, Duration Capital Management and The Jordan Company announced plans to

acquire Bojangles’ in a $593 million transaction. The offer received unanimous approval from Bojangles’

Board of Directors and closed in January of 2019. Randy Kibler, Bojangles’ CEO, said, “the new management

group is committed to maintaining the qualities of the brand that have sustained it for over four decades”.



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POPULATION 1 mile 3 miles 5 miles

2024 Projected Population 6,162 64,298 177,019

2019 Population 5,822 59,051 162,950

2010 Population 5,160 48,458 136,650

2000 Population 2,579 27,419 100,875

Growth Rate 2000-2010 7.18% 5.86% 3.08%

Growth Rate 2010-2019 1.31% 2.16% 1.92%

Growth Rate 2019-2024 1.14% 1.72% 1.67%

Bojangles’

Demographics

HOUSEHOLDS

2019 Total Households 1,801 21,427 61,292

2024 Total Households 1,898 23,277 66,652

2000-2010 Annual Rate 7.65% 5.46% 3.09%

2010-2019 Annual Rate 1.19% 2.05% 1.90%

2019-2024 Annual Rate 1.05% 1.67% 1.69%

2019 Median Household Income $48,338 $50,880 $50,674

2019 Average Household Income $57,742 $64,996 $66,231


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