Net Lease Bojangles Property Sale Arranged Date December 20, 2019
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Bojangles property located at 1423 Lewisville Clemmons Rd in Clemmons, North Carolina for $2,133,000.
The net lease Bojangles property is strategically located immediately off of Highway 421 (42,000 VPD) and is well located along Lewisville Clemmons Road (19,400 VPD), a primary north-south thoroughfare. The restaurant is located across from a Food Lion anchored shopping center and near other retailers including CVS, Rite Aid, Wendy’s, Dollar General and Taco Bell. The property is also in close proximity to West Forsyth High School (2,333 students) and Southwest Elementary School which drives continual traffic to the trade corridor. There are 84,700 people living within five miles of the property with an average household income of $95,144.
Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller is a Texas based real estate fund and the buyer is a private investor in a 1031 exchange.
“E-commerce resistant retailers including tenants in the QSR sector continue to be in high demand amongst investors” said Jimmy Goodman, Partner of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Single tenant restaurant properties continue to garner significant interest amongst private investors.”
Bojangles’ has a long and successful operating history at the location since 1997. Bojangles’ recently signed a new ten year lease extension, demonstrating their commitment to the location. Bojangles’ has a low rent to sales ratio and above average sales when comparted to the average Bojangles location. The Bojangles’ lease has ten years remaining and expires February 28, 2029. The lease is absolute triple net and features zero landlord responsibilities. There are 10% rental escalations every five years and in each three five-year renewal options. The lease is corporately guaranteed. Bojangles’ operates 747 restaurants across the southeast.
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $5 billion of single tenant net lease real estate transactions. From 2012-2018, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.comBack