SNL Sells Bojangles in South Carolina
Strong Franchisee Credit and Unit Level Sales Drive Interest
July 10, 2024 — Secure Net Lease coordinated the closing of a Bojangles in a prime location of Saluda, South Carolina. This deal highlights SNL’s attractive inventory and ability to present buyers with the right investment.
SNL’s Todd Lewis effectively closed the all-cash deal with a private buyer from South Carolina. The buyer’s broker, from Tennessee, also played a crucial role in the transaction closing smoothly within a 45-day timeframe.
“This deal proceeded smoothly once we adjusted the price. Initially, the aggressive pricing didn’t generate much interest, but after making a price adjustment, we received two offers and selected the right one. The buyer’s broker from Tennessee did an excellent job, resulting in a smooth closing and a successful transaction” Lewis said.
The 2,425-square-foot QSR, built in 2022, boasts strong store sales and a healthy rent-to-sales ratio. Situated at a prime location in the center of the market, it stands at a popular signalized intersection with multiple points of access on two primary roads. The site is conveniently located 40 miles from both Augusta, GA, and Columbia, SC, and within a one-hour drive of more than 1.3 million people.
“The buyers were considering multiple QSRs in the Southeast, and we presented them with the best option. The high sales volume, the fact that it was the top franchisee for Bojangles, and the increased inquiries were essential factors of the deal.”
Bojangles is a popular fast-food restaurant chain primarily located in the Southeastern United States. It is known for its Southern-inspired menu and its friendly and fast service, aiming to provide a welcoming and down-home dining experience. The franchisee, BOJ of WNC, is the largest and most profitable operator in the Bojangles system with more than 115 units and counting and in excess of $210M in annual revenue.
The property’s strong performance and the increased inquiries were crucial factors in closing the sale. This deal highlights the appeal of well-positioned retail properties in thriving markets.
About Secure Net Lease
Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.
