Marketing Package

Clarksville, TN
.99 Acres • 3,808 SQ FT
$2,032,000 • 6.75% Cap Rate
Investment Highlights
• Bojangles’ is a popular 37 year old southeast company with
over 600 locations in 10 states, D.C., and internationally
• 15 year NNN lease with 7% rent bumps every 5 years and
three 5 year options (commenced 5/23/14)
• Strong 35 unit growing operator founded in 2001 with
locations in TN, NC, SC, and GA
• Next to a 16 screen Great Escape Theatre with quick access
to I-24 about 45 miles northwest of Nashville and less than 1
mile from Northeast High School (900+ students)
• Over 24,000 cars on Tiny Town Road in front of property,
28,000+ on Trenton Road and 42,000+ on I-24
• Clarksville was voted 5th fastest growing city and 2nd fastest growind MSA in the nation (US Census Bureau, July 2013)
• Fort Campbell, located just north of Clarksville on the TN-KY border, is a 106,700 acre military installation built in 1941 with over
45,000 enlisted personnel and home to the only air assault in the world (101st Airborne)
For investment information:
J. Tyson Glasser, CCIM • Investment Sales Advisor
[email protected] • 864.263.5427 o • 404.435.6312 c
Jack Jamison, Broker-In-Charge
550 S. Main Street, Suite 300 • Greenville, SC 29601
864.263.5414 o • 864.232.0160 f • www.REALTYLINKDEV.com
Investment Property
1836 Tiny Town Road
Clarksville, Montgomery County, Tennessee 37042
ATTENTION: This brochure has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of
interest in the property presented. It does not, however, purport to present all material information regarding the subject property, and it is not
a substitute for a thorough due diligence investigation. In particular, RealtyLink, LLC has not made any investigation and makes no warranty or
representation with respect to the financial condition or business prospects of any tenant or any tenant’s plans or intentions to continue or renew its
occupancy of the subject property. The information contained in this brochure has been obtained from sources we believe to be reliable; however,
RealtyLink, LLC has not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the
accuracy or completeness of the information provided.
The RealtyLink logo is a registered service mark of RealtyLink, LLC.
Text and content © Copyright 2014 RealtyLink, LLC.
Table of Contents
Property Summary
Financial Summary
Tenant Profile
Property Photos
Site Plan
Market Aerial
Market Photos
Location Maps
Market Profile
Demographics
Property Summary
Location:
Just off I-24 about 8 miles north of downtown and 45 miles northwest of Nashville Land Size:
+/- .99 Acres
Building Size: +/- 3,808 Square Feet
Building Age:
New construction completed in May 2014
Tenant: BOJ of TN, LLC (currently 3 units and growing)
Limited Guarantor:
BOJ of WNC, LLC (parent company with +/- 35 units and growing)
Lease Type:
Absolute Triple Net (zero Landlord obligations)
Base Lease Term:
15 years
Lease Commencement: May 23, 2014
Lease Expiration:
May 31, 2029
Option Periods: 3 at 5 years
Landlord Responsibility: None
Tenant Responsibility: CAM, Taxes, Insurance, Roof, Structure, Parking Lot, Maintenance, etc.
Frontage:
+/- 165 feet on Tiny Town Road
Access: Entrance/exit on Tiny Town Road and rear cross access with Great Escape Theatre
Parking: 45 total spaces with 2 handicap spaces
Zoning:
C-5, Highway and Arterial Commercial District
Traffic Counts: +/- 24,783 on Tiny Town Road/Route 236 (2012)
+/- 42,558 on Interstate 24 (2012)
Demographics: 2013 1-Mile 3-Mile 5-Mile
Population
7,198 30,684 59,865
Households
2,698 10,823 21,305
Average HH Income
$63,679
$63,720
$60,888
Median HH Income
$56,350
$55,607
$52,701
Financial Summary
Purchase Price: $2,032,000
Annual Base Rent:
$137,156.00 (Years 1-5)
$146,756.92 (Years 6-10)
$157,029.90 (Years 11-15)
Going in Cap Rate:
6.75%
Cap Rate on 6/1/19 :
7.22% Cap Rate on 6/1/24 :
7.73% Average Cap Rate:
7.23% (Years 1-15)
Assumable Financing: Property delivered free and clear of debt
Available Financing:
65-70% loan-to-value ($610-711K down payment)
10 year term
20-25 year amortization
4.25-4.50% interest rate
$88,097.22 annual debt service (using 65% LTV, 25 year amortization, 4.50% interest)
$49,058.78 after debt cash flow (years 1-5)
6.90% cash-on-cash return (years 1-5)
Contact broker for confidentiality agreement
Tenant Financials:
Tenant Profile
Founded in 1977 by Jack Fulk and Richard Thomas, Bojangles’ Famous Chicken ‘n Biscuits is a
regional chain of quick service restaurants specializing in spicy, “Cajun” fried chicken and buttermilk
biscuits. The restaurants, named after the stage name of Bill Robinson and memorialized in song
by Jerry Jeff Walker, are also known for their distinctive side dishes including dirty rice, Cajun-style
pinto beans, seasoned French fries and Southern sweet tea.
Based in Charlotte, North Carolina, Bojangles’ grew rapidly from its inception and currently has over 600 restaurants. They open a new
restaurant on average every ten days. Currently Bojangles’ has restaurants in North Carolina, South Carolina, Georgia, Tennessee, Florida,
Alabama, Mississippi, Virginia, Maryland, Pennsylvania and DC. They’re also located internationally with three restaurants in Honduras.
The Wall Street Journal has ranked Bojangles’ as one of “25 High-Performing Franchises across all industries.“ Among its other
recognitions, Entrepreneur Magazine has named Bojangles’ the number 1 restaurant in the chicken category, QSR Magazine has listed
Bojangles’ in its Top 10, Franchise Deals, Inc. magazine has listed Bojangles’ among the fastest growing private companies for several
years, GE Capital has shown Bojangles’ to be among its top ten fastest growing restaurant chains and The Nations Restaurant News has
shown Bojangles’ to be the fastest growing chicken chain in 2010 and the fastest growing drive-thru, free standing QSR restaurant chain.
BOJ of WNC, LLC is a franchise of Bojangles. They own and operate +/- 35 locations in the Western North Carolina, Upstate South
Carolina, Tennessee, and Georgia. They have been in operation since January 2001. Jeff Rigsby is the Co-founder and President of BOJ
of WNC
LLC. He has 30 plus years of restaurant experience at various levels of operations. Jeff has held positions ranging from crew person to his
current position of President. BOJ of TN, LLC is the Tennessee operating entity of the company and currently consists of 3 units.
BOJ of WNC has a great support team for their restaurants. They have six area directors, Patrick Sheline, Jeffrey Rigsby, Doug Nunn, Steve
Rex, Donnie Cates and Scott Sandridge that help in the Day-to-Day operations of our locations.
Property Photos
Site Plan
Clarks
Airpor ville Region
a
t / For
t Cam l
pbell
(+/- 24
,000 ca
rs/day
)
I-24 /
Down
Clarks town
ville
Access to
Market Aerial
Paducah KY
85 Miles
Downtown Clarksville
8 Miles
Nashville TN
45 Miles
Market Photos
Location Maps
Market Profile
Clarksville-Montgomery County is a vibrant community located in
North Central Tennessee, directly off of I-24, 40 miles northwest of
Nashville, and approximately 250 miles from the population center
of the United States. As the fifth fastest growing city in the nation,
and the second fastest growing MSA (US Census Bureau, July 2013),
Clarksville-Montgomery County is experiencing tremendous change.
New industries, new schools, a new hospital, and new residential
developments are exciting current events in Clarksville-Montgomery
County.
Metropolitan mixed with a healthy dose of small town charm. An escape
from the hustle and bustle of daily life, Clarksville has the unique ability
to blend big city amenities with small town charm. A chameleon of sorts,
Clarksville offers something different to all who have a desire to travel
outside the norm. Its artistic repertoire ranges from world class theatres
and art exhibits to honky-tonks and homegrown country music. Love
to shop? Explore the multitude of antique stores, local one-of-a-kind
boutiques, or calm your craving with the well known department stores
you love. The moderate climate makes it every nature lover’s dream
location. With several state parks in the area and miles of walking and
biking trails your taste for the outdoors will be satisfied. Not to mention
that both the Cumberland and Red Rivers can provide endless hours of
aquatic excitement. All of this doesn’t even touch on the many year round
attractions that make Clarksville distinctive. From the Customs House
Museum to Beachaven Winery and Vineyards they can provide a list of
“must sees” for your visit.
Economy
Clarksville-Montgomery County is a community experiencing a tremendous amount of growth and progress. Recently, a new attraction
was added to the downtown landscape with the addition of a riverfront marina. The Marina features boat slips, boat storage, an
extended RiverWalk, an amphitheatre, park amenities, future retail and dining establishments, and two beautiful event centers Freedom Point and the Wilma Rudolph Event Center.
Clarksville offers immediate Interstate and rail access, educated and diverse workforce, non-union business environment, and dealready acreage available in our Corporate Business Park. Clarksville-Montgomery County has all of the ingredients for success. They
are within a day’s drive from 76% of major US cities, strategically located on the Cumberland River and 40 minutes from Nashville
International Airport (BNA). Clarksville-Montgomery County is also home to a large portion of Fort Campbell Army Post, which is the
fifth largest military post in the nation.
Market Profile
Education
Clarksville-Montgomery County is a growing and thriving community. The School System is addressing this growth with a responsible
and progressive approach to building and renovating facilities in order to serve the 31,400 student population. There are 23 elementary
schools, 7 middle schools, 2 alternative schools, and 8 high schools in the school system.
Austin Peay State University is located on an urban campus that for over 180 years has been used for educational purposes and on
which the buildings of five colleges have stood. APSU is located in Clarksville, Tennessee, the state’s fifth largest and youngest city.
The school is named after former Tennessee Governor Austin Peay, a Clarksville native. Austin Peay is a four-year public, masters level
university offering over 56 majors and 63 different concentrations.
Healthcare
Gateway Medical Center is the Clarksville community healthcare provider; a 270-bed facility offering a range of inpatient and
outpatient, medical, diagnostic and surgical services . They believe in the power of people to create great care. They are comprised of
1,100 healthcare professionals strong. They are a Center of Excellence-designated bariatric surgery program and an accredited Chest
Pain Center
Recreation/Leisure
Clarksville-Montgomery County is a community where you can live, work, and play. Leisure time is enjoyed by all, young and old.
Middle Tennessee is fortunate to have four distinct seasons each year. Our mild weather and climate allow for a variety of outdoor
events all year long. Hunting, fishing, cycling, running, and outdoor sports all have official organization tournaments in Clarksville. The
Cumberland RiverWalk provides loads of fun for families. Kite flying, frisbee throwing, fishing, running, boating and walking are just
some of the activities you will see when you visit this city treasure. Austin Peay State University as well as Fort Campbell play a vital role
in providing leisurely activities for the community through sporting events, community concerts and annual celebrations. Land Between
the Lakes national recreation area is 40 miles to the west of Clarksville. Clarksville-Montgomery County boasts 25 parks with 644 acres
total, 5 public swimming pools, 6 golf courses, 9 tennis courts, 2 movie theaters and 3 community centers. www. clarksvilletned.com
Demographics
The following pages detail the demographic data for this market
within a 1-mile, 3-mile, and 5-mile radius.