• NNN lease eliminates landlord responsibilities
  • Average unit volumes for the chicken-and-biscuit concept continue to increase
  • Long-term growth plan to have 1,000 units open by 2020


  • No credit rating
  • Tough competition

Tenant Description

Bojangles’ is a quick-service restaurant based on distinctive flavor, high-quality products made-from-scratch, and a festive restaurant design with friendly service.

Bojangles' is a highly demanded tenant in the net lease world. Their freestanding stores features a 3,500 - 3,800 square foot building, and are usually situated on .8 - 1.50 acres of land. Bojangles' net leases properties provide a long-term investment with zero landlord responsibilities. Generally, the lease term is a 15-year NNN lease with 2-4 five (5) year options with increases of 7-10% every five (5) years. Some leases have an annual rental bumps ranging between 1.25% - 1.5%.

Bojangles' is a highly differentiated and growing restaurant operator and franchisor dedicated to serving customers high-quality food made from Southern recipes. Since their founding in Charlotte, North Carolina in 1977, their core menu centered on "chicken 'n biscuits" has remained largely unchanged. Bojangles has become an iconic brand with a cult-like following due to their famous, made-from-scratch biscuits baked every 20 minutes, their fresh, never-frozen bone-in fried chicken and their famous iced tea.

Bojangles' went public in May 2015 on the NASDAQ and have since expanded to over 700 restaurants. There are 316 company-operated restaurants and 443 franchised restaurants located in eleven states and Washington DC. Their footprint is strong in the southeast spanning North Carolina, South Carolina, Georgia, Virginia, Tennessee, Alabama, Maryland, Florida, Kentucky, West Virginia and Pennsylvania, and the District of Columbia. Bojangles’ continues to grow, targeting the mid-south as an “area of opportunity”.

On January 28, 2019, Bojangles' announced their acquisition by Durational Capital Management and the Jordan Company is complete, and they will continue to coperate as independent, privately-held company. Bojangles' will remain based in Charlotte, NC.

Average Cap Rate
12 mo avg with 10+ yr lease term
Average Property & Lease
Average Sale Price $2,575,877
NOI $154,810
$/Square Foot $650 - $700
Building SF 3,500 - 3,800
Lot Size 0.8 - 1.5 Acres
Lease Term 15 Years
Escalations Varies
Stock Symbol N/A
Credit Rating
Moody's N/A
Average Cap Rate Trend
Rates reflect last 12 mos, short and long-term
Recent Sales Comps
Fayetteville, NC 5.60%
Columbia, SC 7.15%
Nashville, TN 5.68%