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Bojangles’ Famous Chicken ‘n Biscuits, Winchester, KY

Bojangles’ Famous Chicken ‘n Biscuits

KY, United States

Price $2,200,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 1.25% Annual Rental Increases
Year Built 2016
Building Size 3,808 SF
Lot Size 1.37 Acres (59,677 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

LONG-TERM NNN LEASE WITH CORPORATE GUARANTY
» 15-year NNN lease to Bojangles’ Restaurants, Inc. (NASDAQ: “BOJA”)
» More than 700 locations and over $1.2 billion in system-wide sales in 2016
» Annual rental increases, providing an excellent hedge against inflation
» NNN lease requires no landlord management, ideal for an out-of-area investor

LARGE CUSTOMER BASE IN IMMEDIATE AREA
» Directly next to Clark Regional Medical Center, with 79 beds, over 75 physicians, 487 employees, and 75 volunteers
» Near several industrial parks that are home to Winchester’s largest employers, including Amazon, Catalent Pharma, and Save-A-Lot
» Close proximity to several schools, including Bluegrass Community and Technical College’s Winchester campus

EXCELLENT COMMUTER LOCATION WITH HIGH TRAFFIC COUNTS
» Located at signalized hard corner, with great visibility and access to 23,844 vehicles per day on West Lexington Avenue
» Convenient access to Interstate 64, a major commuter and commercial thoroughfare, with 46,878 vehicles per day
» West Lexington Avenue provides easy access to downtown Lexington
» Interstate 64 is a major transportation route, passing by several large cities, including Lexington and Louisville

STRONG LOCATION IN LEXINGTON MSA
» Lexington is the second largest city in Kentucky and anchors the second largest MSA in the state
» Winchester is the fourth largest city in the Lexington MSA
» Lexington was ranked the fourth best city for businesses and careers by Forbes

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the signalized hard corner of Hospital Drive and West Lexington Avenue, with excellent visibility and access to 23,844 vehicles per day. West Lexington Avenue intersects with Bypass Road just one block from the site, with a traffic count of 49,635 vehicles per day at the busy intersection. Bypass Road provides convenient access to Interstate 64, a major thoroughfare with heavy commercial and commuter traffic. Interstate 64 provides access to Lexington, located 16 miles west of the property, and boasts a high traffic count of 46,878 vehicles per day. Located in a dense retail corridor, the property is surrounded by a number of major national tenants, including Lowe’s, Kroger, McDonald’s, Applebee’s, Sprint, Arby’s, Tractor Supply, Fazoli’s, and Starbucks.

The property is directly adjacent to Clark Regional Medical Center. The hospital has 79 beds, over 75 physicians, 487 employees, and 75 volunteers on its staff. The property is also near several industrial parks, which are home to some of the largest employers in Winchester. Amazon’s multi-million dollar customer service center, which employs a workforce of more than 550 full-time employees and hundreds of seasonal workers, is located less than a mile from the site. Additionally, manufacturing, shipping, and business operations for Catalent Pharma, Save-A-Lot, Infiltrator Water Technologies, Winchester Farms Dairy, Walle Corporation, and The Freeman Corporation are located just over a mile from the property. Thousands of people are employed by these corporations and other industrial operations in Winchester. Bluegrass Community and Technical College’s Winchester campus is also located nearby. The college has an enrollment of over 14,000 students, providing a large customer base for Bojangles’.

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