Bojangles’ Tenant Overview


  • 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 (QSR) 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 annual rental bumps ranging between 1.25% - 1.5%.

Bojangles' is a 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 sweet tea.

There are 316 company-operated restaurants and 443 franchised restaurants located in eleven states and Washington, DC. Their footprint is largest in the southeast and mid-atlantic, 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 that their acquisition by Durational Capital Management and the Jordan Company is complete, and they will continue to operate as an independent, privately-held company. Bojangles' will remain based in Charlotte, NC.

Average Cap Rate
Trailing 12-month average
Average Property & Lease
Average Sale Price $2,487,289
NOI $148,278
$/Square Foot $655 - $754
Building SF 3,300 - 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 year-over-year comparison
Recent Sales Comps
Spartanburg, SC 5.75%
Ocala, FL 6.00%
Birmingham, AL 6.50%