Bojangles’ Tallahassee, Florida

$2,825,000
Cap Rate: 6.15%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 6.15%
Price: $2,825,000
Annual Rent: $173,626
Rentable Square Feet: 3,886
Rent/Square Foot: $44.68
Lease Type: NNN
Lease Term: 20 Years
Option Periods: 3, 5-Year Options
Rental Increases: Every 5 Years
Lease Expiration: 6/30/2038 est
Year Built: 2018
Land Area: 1.28 Acres

2710 North Monroe Street
Tallahassee, FL 32303

Investment Highlights

  • Brand New, 20-Year, Triple Net (NNN) Lease
  • Three, Five-Year Renewal Options
  • Rental Increases Every Five Years in Base Term and Option Periods
  • Located on Monroe Street, Which has a Daily Traffic Count of More Than 44,000 Vehicles
  • Three Miles from Florida State University and Florida A&M University, with a Combined Enrollment of More Than 51,000 Students

 

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire Bojangles’ located at 2710 North Monroe Street, Tallahassee, Florida 32303. The subject property is a 3,886 square-foot single tenant building on 1.28 acres of land. Bojangles’ offers a brand new 20-Year Triple Net (NNN) lease with no landlord responsibilities. The offering provides three, five-year renewal options with rental escalations every five years in both base term and option periods.

Bojangles’ Famous Chicken ‘n Biscuits is a Southeastern regional chain of fast food restaurants based in Charlotte, North Carolina, specializing in spicy, “Cajun” fried chicken and buttermilk biscuits. Bojangles’ has over 760+ locations with the NASDAQ stock symbol of BOJA and revenue of approximately $1.2 Billion in sales volume. Bojangles’ plans to grow the number of system-wide restaurants by approximately 7 percent to 8 percent annually.

It is ideally situated with excellent access and visibility on Monroe Street, with more than 44,000 vehicles per day.  This asset further benefits from its location within close proximity to Interstate 10, with a traffic count of more than 66,000 vehicles per day.  Bojangles’ is conveniently located in a dense retail corridor with major national retailers and hotels in the area including Fairfeild Inn by Mariott, Baymont Inn, Holiday Inn, Walmart, Ross, Burlington, Publix, Staples, AMC Theatres, Planet Fitness, Walgreens, CVS, Verizon, Pep Boys, Advance Auto Parts and many more. The property is less than three miles from Florida State University and Florida A&M University, with a combined enrollment of 51,000+ students.  It is also four miles from Tallahassee Medical HealthCare – the seventh largest hospital in Florida, with 772 beds and over 3,000 employees.

Located in Tallahassee, the property offers attractive demographics. The population of Leon County is the most highly educated population in Florida, with 49.9 percent of the residents with either a Bachelor’s, Master’s, Professional or Doctorate degree.  Tallahassee’s population has grown by over 17 percent since 2000 and future job growth in Tallahassee over the next ten years is predicted to be 39.60 percent, according to Sperling’s Best Places.

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