Bojangles, Inc. develops, operates, and franchises limited service restaurants in the United States. Its restaurants offer never-frozen bone-in fried chicken items, made-from-scratch buttermilk biscuits, fixin’s, and iced tea. As of June 25, 2017, the company had 740 system-wide restaurants, including 314 company-operated and 426 franchised restaurants located primarily in the Southeastern United States. Bojangles’, Inc. was founded in 1977 and is headquartered in Charlotte, North Carolina.

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S&P Rating: N/R

S&P Outlook: N/R

Moody Rating: N/R

Moody Outlook: N/R

Typical Lease Characteristics

Lease Term: 15 – 20 Years  Years

Lease Type: Absolute NNN Lease 

Lease Increases: 10% Every 5 years 

Lease Extensions: 4-5 (5) Year Options

Lease Guarantor: Corporate and Franchise

Tenant Overview

Bojangles’, Inc. is a highly differentiated and growing restaurant operator and franchisor dedicated to serving customers high-quality, craveable food made from our Southern recipes, including breakfast served All Day, Every Day. Founded in 1977 in Charlotte, N.C., Bojangles’® serves menu items such as made-from-scratch biscuit breakfast sandwiches, delicious hand-breaded bone-in chicken, flavorful fixin’s (sides) and Legendary Iced Tea®. At April 1, 2018, Bojangles’ had 762 system-wide restaurants, of which 326 were company-operated and 436 were franchised restaurants, primarily located in the Southeastern United States.

A typical Bojangles free-standing building is approximately 3,800 square on one acre of land. A restaurant can seat 78 customers, has a drive-thru window and has parking for approximately 45 cars.


  • Publically Traded Company
  • NNN lease eliminates landlord responsibilities
  • Typically Long term leases with increases


  • Consumers are showing a growing interest in healthy fast food.
  • Competitive Industry Sector
  • Susceptible to economic trends and pressures

Market Snapshots:

On Market Ranges:

# of Properties in set: 8

Price: $2,127,730 - $2,576,920Average: $2,364,145

PPSF: $600 - $720Average: $666

Year Built: 1995 - 2018Average: 2009

CAP Rate Range: 5.57% - 6.97%Average: 6.40%

Size range: 2,825 sq ft - 3,886 sq ft Average: 3,548 sq ft

Last 12 Month Range:

# of Properties in set: 22

Price: $2,147,230 - $2,489,870Average: $2,284,288

PPSF: $582 - $670Average: $626

Year Built: 1983 - 2017Average: 2007

CAP Rate Range: 5.59% - 6.58%Average: 6.14%

Size range: 3,000 sq ft - 4,012 sq ft Average: 3,621 sq ft

Bojangles Company Profile

Headquarters Information

Charlotte, North Carolina

Founded in 197

Company type: Public

Stock Ticker: BOJA

Sector: Services

Industry: Restaurants

# of Employees: 10,100

S&P Rating: N/R

S&P Outlook: N/R

S&P Rating: N/R

Moody Outlook: N/R

Bojangles Stock Keys

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