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Bojangles’ (Corporate), Lebanon, TN

Bojangles’ (Corporate)

Lebanon, TN

Price $3,221,000
Cap Rate 5.75%
NOI $185,202
Lease Term 15 Years
Lease Type NNN, with Tenant Responsible for All Taxes, Utilities, Insurance, and Maintenance, Including Roof and Structure
Rental Increases 1.25% Annual Rental Increases
Year Built 2017
Building Size 3,886 SF
Lot Size 1.20 Acres (52,272 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
CA RE License #01823291

Scott Crowle
Senior Director
CA RE License #01318288

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

Investment Highlights

» 15-year NNN lease to Bojangles’ Restaurants, Inc.
» More than 760 locations and $1.3 billion in systemwide sales in 2017
» Annual rental increases, providing an excellent hedge against inflation
» NNN lease requires no landlord management, ideal for an out-of-area investor

» Excellent location at the South Hartmann Drive/Interstate 40 interchange, with an extremely high traffic count of 104,358 vehicles per day
» Directly across from Lebanon Marketplace, a large retail center with national tenants—including Home Depot and Hampton Inn & Suites—and over 219,000 square feet of additional space currently under development
» Close proximity to Lebanon Outlet Marketplace, which attracts three million visitors annually

» Wilson County is the second fastest growing county in Tennessee
» Wilson County has the second highest median household income and the ninth highest per capita income in Tennessee
» Over 1,500 residential units are planned or under construction within a five-mile radius of the property

» Near several industrial parks that are home to major employers, including Cracker Barrel’s corporate headquarters and distribution center, with 820 employees, and an Amazon distribution center, with 700 employees
» Close to downtown Lebanon and Cumberland University, with approximately 2,000 students

Click Here to Download Offering Memorandum

Property Description

The property is located on South Hartmann Drive, a rapidly developing area, with excellent access and visibility to 23,463 vehicles per day. Convenient access to Interstate 40, the main route between Nashville and Knoxville, is located immediately south of the property. Interstate 40 is a heavily trafficked commercial and commuter corridor, with an average traffic count of nearly 81,000 vehicles per day. The property is directly across from Lebanon Marketplace. With the completion of Phase I, national tenants Home Depot, Chili’s, Outback Steakhouse, and Hampton Inn & Suites now call Lebanon Marketplace home. Recent additions to Lebanon Marketplace also include a Cracker Barrel and a topof- the-line dealership for the sale and service of GMC, Chevrolet, and Buick brands. Phase II of Lebanon Marketplace, which is currently under construction, will feature a power center with over 219,000 square feet of retail space. The property is also just over a mile from Lebanon Outlet Marketplace, which attracts approximately three million visitors per year.

The property is centrally located just over two miles from downtown Lebanon and less than two miles from Cumberland University, a prestigious college with nearly 2,000 students. Lebanon High School, Byars Dowdy Elementary, and Winfree Bryant Middle School are all located within walking distance of the property and have a combined enrollment of more than 2,800 students. The property is also close to major employers, including the Cracker Barrel’s headquarters and distribution center, with 820 employees, and an Amazon distribution center, with 700 employees. Located approximately 25 miles from downtown Nashville, the property is close to several tourist attractions, including the location of the annual Wilson County Fair, one of the largest fairs in North America, with over half a million attendees. The surrounding area is also home to several large residential developments, with more than 1,500 new multi-family units planned or under construction within a five-mile radius of the property. In addition to being one of the wealthiest counties in Tennessee, Wilson County is also one of the most affluent, providing a large, customer base for Bojangles’.

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