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5296 US Hwy 158
Advance, NC 27006 Davie

$1,686,000

Fast Food For Sale  •  3,400 Sq Ft

Property Details

  • Property Type Fast Food
  • Total Building Size 4,251 Sq Ft
  • Lot Size 0.94 ac
  • Building Class C
  • Year Built 2000
  • Cap Rate 6.00 %
  • Tenancy Single
  • Zoning HB
0 Transit Score
41 Walk Score

Description

The subject property is a freestanding Corporate Bojangles' Ground Lease located on US-158 just off Interstate 40 in Advance, NC, approximately 18 miles southwest of Winston-Salem. The property lies in a dense retail and medical market in a high traffic area of Advance, where the traffic counts in front of the property are 36,000. It serves Interstate 40 traffic (56,000 cars) as it is .2 mile from I-40. The property is a half mile from the new Wake Forest Baptist Health Davie Medical Center and also a newly constructed Lowes Foods anchored shopping center. Other immediate traffic generators nearby include: Food Lion, Sheetz, Walgreens, CVS, Hampton Inn, BB&T,Wells Fargo, McDonald's, Zaxby's, Taco Bell, and Wendy's. Also, this area is one of the higher income areas of Winston-Salem, with the average household income in the 1-mile radius being over $125,000, and over $116,000 within 3 miles and $102,000 within 5 miles. It includes Bermuda Run and Oak Valley golf communities.
Known as a large manufacturing and transportation hub for the Southeast, the Winston-Salem/Greensboro area continues to grow in prominence thanks to its educational institutions, health services providers, financial employers and cultural activities. The MSA has approximately 1.7 million people and is expected to add nearly 90,000 citizens over the next five years. Fortune 500 firms headquartered in the metro include VF Corp., BB&T Corp., and Hanesbrands. Other notable companies include large local operations such as FedEx, Volvo Trucks of North America, Wake Forest Baptist Health, Novant Health, B/E Aerospace, and Honda Aircraft Co. 
Corporate Bojangles' signed a long term 25-year NNN Ground Lease in September 2000, which includes one (1), five (5) year option to extend (less options a positive for a ground lease) with 1.25% annual escalations during the option period. Bojangles', founded in 1977 in Charlotte, NC, currently operates more than 750 locations throughout 12 states and in 2017 they reported revenues of $1.28 billion. In January 2019, Bojangles' was acquired by The Jordan Company, a NY based private equity firm that was founded in 1982 and currently has over $6 billion in assets.

Highlights

Corporate Bojangles’ Ground Lease with six years remaining and long-term historical occupancy - 25-year Lease signed in 2000
Only one option period for 5 years, which includes 1.25% annual escalations
High average household income area located less than 20 miles southwest of Winston-Salem - AHI in 1-mile is over $125,000 and over $116,000 within 3 m
Dense retail and medical market - Wake Forest Baptist Health, Lowes Foods center, Sheetz, Food Lion, Walgreens, & CVS
Located directly off Interstate 40 (56,000 cars)
Winston-Salem continues to grow and is expected to add nearly 90,000 residents over the next five years - MSA currently has 1.7+/- million residents
Cap Rate: 6.00 %

Public Transportation

AirportDriveWalkDistance
Piedmont Triad International Airport 48 min - 36.3 mi

Parking Details

Parking Available: Yes
Reserved: No
Type: Surface
Included in Rent: Yes
Brian Munn 678-808-2767 Marcus & Millichap
Brian Munn 678-808-2767 Marcus & Millichap