Overview

Description

Faris Lee Investments is pleased to offer for sale the fee simple interest (land & building) in a STNL Bojangles on a long-term, absolute NNN lease. The freestanding, drive-thru property features over 11.5 years of primary term remaining, plus five (5-year) options, providing long-term stability to the asset. This high-yield investment (6.00% initial return) includes 1.80% annual rental bumps which increases the return on the investment for the buyer and hedges against inflation. Over $800K in Capital Improvements were injected into the property, as part of an extensive 2020 remodel.

Bojangles is a Carolina-born restaurant chain specializing in craveable Southern food made by hand from real recipes. Founded in 1977 as a single location in Charlotte, N.C., the beloved brand continues to grow – currently at around 818 company owned and franchised restaurants in 17 states and counting. Bojangles has more than 230 units in its pipeline in markets in Texas, New York, Nevada, Mississippi, Tennessee and Maryland. There are 20 locations planned in Las Vegas and 10 additional locations inside TravelCenters of America across Western markets. An additional 15 Bojangles in the Dallas-Ft. Worth metroplex and in South Austin, Texas. The stores will open in Ft. Worth, Garland, Richardson, Waxahachie, Mansfield and San Marcos, with the first planned in 2024.
The subject property is strategically positioned in downtown Dillon, surrounded by notable tenants such as McDonald’s, Wells Fargo, Fresenius Medical, AutoZone, Family Dollar, Ace Hardware, First Citizens Bank, as well as the McLeod Dillon Hospital. Conveniently situated off the I-95, the longest north-south Interstate in the Country at 1,924 miles, with access from both exit 190 and exit 193. The hard corner location provides easy access to the day-time employees in downtown Dillon, as well as the travelers from neighboring communities and states along I-95 (nearly 40,000 VPD).

Highlights

• Long-Term, Absolute NNN Lease | Rare Annual Increases (1.80%) | Ideal 1031 Exchange Opportunity
• Strong & Increasing Sales | Recent 2020 Remodel | 34-Year Operating History
• Bojangles (Franchise Vs. Corporate) | Rapidly Expanding Concept | Increasing Same-Store Sales across the System
• Located in the Center of Dillon’s Downtown Retail Corridor | Signage along I-95

Documents

---