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Bojangles (Dark) | Purple Onion (Sublease)

3318 Rainbow Drive, Rainbow City, AL 35906

$1,900,000

Cap Rate 9.20%

Updated: 10.18.23 Posted: 08.18.23 Status: Inactive

Summary

Price $1,900,000
Built/Renov 2014
Tenant Bojangles (Dark) | Purple Onion (Sublease)
Cap Rate 9.20%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 4,090
Lease Start 12-12-2013
#Units 816
Price/SF $464.55
Expiration 12-12-2028
Tenant Type Fast Food/QSR
NOI $174,726
R. Term 3.7
Ownership Fee Simple
Rent/SF $42.72
Increases 1.5%/0/yrs
Pop 5Mi 44,552
Lot/AC 1.52
Options 0/0yrs
AHHI 5Mi $60,421

Peter Deltondo
Marcus & Millichap
Contact

Lease Highlights

  • Currently subleased to the Purple Onion- a Mediterranean deli and grill w/7 locations
  • Bojangles has 5+ years remaining in its current team | Expires in Dec 2028
  • Lease features annual rent increases of 1.5% (next increase occurs on 12/12/23)
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by Bojangles, subsidiary of The Jordan Company & Durational-Capital Management

Location Description

The property has excellent frontage and visibility along Rainbow Drive (28,150 VPD). The site benefits from excellent parking, in addition to a dedicated drive-thru lane. The site is across the street from Winn Dixie and in close proximity to numerous national retailers including Big Lots!, Publix, Dollar Tree, Advance Auto Parts, Wells Fargo and many others. The retail dense thoroughfare is...

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Key Features

  • Major thoroughfare

  • Dense retail corridor

  • Strategically located

  • Highway location

  • Strong tenant synergy

  • Absolute NNN

  • Annual rent increases

  • Corporate Guarantee

  • Over 500 units backed

    • ...

Links

Bojangles Wikipedia Bojangles Wikipedia Rainbow City, Alabama Zip Code 35906 Broker Site Page

Documents

Download OM

Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Bojangles
  • Guarantor:Corporate
  • Company:The Jordan Company
  • # Units:816
  • Stock:Private

About Tenant

Bojangles Op Co, LLC, doing business as Bojangles, is an American regional chain that owns and operates specialty chicken restaurants. Their menu features their chicken family meals, chicken...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,486 15,581 46,139
2023 Total Population : 4,515 15,566 46,253
2023 Employed Civilian Pop : 2,040 6,822 19,482
2023 Total Businesses : 311 752 2,337
2023 Average Household Income : $ 70,522 $ 79,147 $ 63,812
2023 Total Consumer Spending : $ 126 M $ 443 M $ 1060 M
2023 Median Age : 41 45 42
2023 Total Households : 2,076 6,523 19,031
2023 Pop Age 25+: Bachelor's Degree : 591 2,026 3,736
2023 Average Home Value : $ 262,373 $ 244,944 $ 183,605
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Church Street W Hartwood Dr 2021 3,747 0.28 mi
Rainbow Drive W Grand Ave 2019 28,326 0.35 mi
Rainbow Drive Morgan St 2021 25,374 0.35 mi
West Grand Avenue Lake St 2021 18,075 0.43 mi
Rainbow Parkway W Grand Ave 2014 15,960 0.49 mi
W Grand Ave Cahaba Ct 2002 16,210 0.52 mi
E Grand Ave Baptist Health Center Dr 2002 23,260 0.53 mi
East Grand Avenue Baptist Health Center Dr 2021 26,523 0.53 mi
Country Club Drive Country Club Pl 2018 872 0.65 mi
Brown Avenue Wren Dr 2020 1,849 0.66 mi

Listing Broker

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