Bojangles
Baskersfield, CA
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 Outlook: 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.
Positives:
- Publically Traded Company
- NNN lease eliminates landlord responsibilities
- Typically Long term leases with increases
Negatives:
- 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
Bojangles Stock Keys
| Title | 2017 | 2016 |
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