DollarBojangles’ General cypresscommercial.comCharlotte, North Carolina
NET LEASE INVESTMENT OFFERING
PAGE 1 DollarBojangles’ General cypresscommercial.comCharlotte, North Carolina
TABLE OF CONTENTS:
Company Overview 3 PRESENTED BY: Disclaimer 3 James C. Harrison, III, CCIM Investment Overview | Property Highlights 4 Broker-in-Charge Sales Summary | Lease Information 5 803 834.7014 Ext. 1 (o) 803 331.8088 (c) Regional Map 6 [email protected] Local Aerial 7 Local Aerial 8 ADDRESS: Site Aerial 9 Cypress Commercial & Investment Real Estate Site Plan 10 3101 Devine Street Columbia, SC 29205 Charlotte, NC 11 Tenant Summary 12
Demographics 13 cypresscommercial.com
PAGE 2 DollarBojangles’ General cypresscommercial.comCharlotte, North Carolina
COMPANY OVERVIEW: DISCLAIMER:
Cypress Real Estate Partners, LLC d/b/a Cypress Commercial & Investment Real It is the prospective purchaser’s responsibility to conduct its own due diligence. Estate is an investment real estate brokerage firm that exclusively represents The information contained in this brochure does not purport to be all-inclusive buyers and sellers of single-tenant income producing properties and shopping or to contain all of the information that a prospective purchaser may desire. centers in the Carolinas and southeastern United States. With over 80 years Additional information and an opportunity to inspect the property will be of investment real estate experience, Cypress has emerged as one of the top made available to interested, qualified prospective purchasers. Owner and its boutique investment real estate firms. Cypress’ brokerage team prides itself on representatives make no representation or warranty, express or implied, as to delivering superior client service while offering the most current and advanced the accuracy or completeness of this information, and no legal commitments marketing techniques in today’s marketplace. Cypress has sold over $1 billion in or obligations shall rise by reason of the contents herein. Cypress Real Estate investment properties throughout the Carolinas and eastern half of the United Partners d/b/a Cypress Commercial & Investment Real Estate represents the States, representing both buyers and sellers in both metropolitan and rural Seller in this transaction. marketplaces.
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.
PAGE 3 Bojangles’ cypresscommercial.com Investment Overview / Property Highlights INVESTMENT 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 Actual Photo
PROPERTY HIGHLIGHTS:
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.
PAGE 4 Bojangles’ cypresscommercial.com Lease Information
SALES SUMMARY
Purchase Price $1,550,000
CAP Rate 5.61%
LEASE INFORMATION
Actual Photo Tenant Bojangles’ Restaurants, Inc.
Lease Term 11 Years
Annual Rental 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 Renewal Options Representative Photo Current Lease Expiration Date December 31, 2030
Lease Type NNN
Landlord Responsibilities None
Representative Photo
PAGE 5 DollarBojangles’ General cypresscommercial.com Regional Map
PAGE 6 DollarBojangles’ General cypresscommercial.com Local Aerial
PAGE 7 Bojangles’ cypresscommercial.com Local Aerial
PAGE 8 Bojangles’ cypresscommercial.com Site Aerial
PAGE 9 DollarBojangles’ General cypresscommercial.com Site Plan
PAGE 10 DollarBojangles’ General
cypresscommercial.com
Bank of America Stadium
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.
PAGE 11 DollarBojangles’ General cypresscommercial.com Tenant Summary
Bojangles’ 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 Representative Photo 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”.
PAGE 12 DollarBojangles’ General cypresscommercial.com Demographics
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%
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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