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Bojangles’ (Corporate), Cleveland, TX

Bojangles’ (Corporate)

TN, United States

Price $2,325,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type NNN, with Tenant Responsible for All Taxes, Utilities, Insurance, and Maintenance, Including Roof and Structure
Rental Increases 7.5% Rental Increases Every 5 Years
Year Built December 2016
Building Size 3,808 SF
Lot Size 2.04 Acres (88,862 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Tennessee-licensed real estate broker Cushman & Wakefield, Inc.

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
» 7.5% rental increases every five years, 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
» Central location near downtown Cleveland
» Close to Tennova Healthcare, a regional hospital with 351 beds and 1,157 employees
» Near Cleveland State College (5,000 students) and Lee University (5,302 students and 815 employees), the second largest private four-year university in Tennessee and one of the top colleges in the nation
» Surrounded by several industrial parks which are home to notable Fortune 500 companies, including Coca-Cola, International Paper, and Whirlpool
» Minutes from Whirlpool’s Cleveland facility, the largest cooking manufacturing facility in North America, with 1,417 employees

HIGH-VISIBILITY LOCATION IN PRIME RETAIL AREA
» Excellent visibility and access to 29,102 vehicles per day from U.S. Highway 74, Cleveland’s most heavily traveled roadway
» Surrounded by major national tenants, including Walmart Supercenter, Walgreens, Dollar Tree, Advance Auto Parts, GameStop, and many others

NEW 2016 CONSTRUCTION
» High-quality construction completed in December 2016
» Features dedicated drive-thru, providing additional customer convenience and boosting sales revenue

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located on U.S. Highway 74, Cleveland’s most heavily traveled roadway, with excellent access and visibility to 29,102 vehicles per day. Conveniently located in a prime retail area, the property is surrounded by notable national retailers. O’Reilly Auto Parts is directly adjacent to the property, and Captain D’s Seafood is across from the property. A large shopping center anchored by Walmart Supercenter is within walking distance. Other tenants in the nearby area include Walgreens, McDonald’s, Cato, GNC, Dollar Tree, Advance Auto Parts, GameStop, Food City, and more.

The property is centrally located near large schools and major employers. Lee University, the second largest private four-year university in Tennessee, is located just over two miles from the property. The university, which has been ranked among the top colleges in the nation, has an enrollment of 5,302 students. Cleveland State College, also located near the property, has an average enrollment of 3,500 credit and 1,500 non-credit students per semester. Tennova Healthcare is located approximately three miles from the property. The 351-bed hospital is one of the largest employers in the Cleveland area, with 1,157 employees. The property is also close to several industrial parks which are home to notable Fortune 500 companies, including Coca-Cola, International Paper, and Whirlpool. Whirlpool’s Cleveland facility is less than three miles from the property. The Cleveland facility includes a more than 1.5 million square foot manufacturing facility, testing lab, and distribution center and is the largest cooking manufacturing facility in North America. Whirlpool is also the largest employer in the Cleveland area, employing 1,417 people at its Cleveland facility.

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