Case Study: Bojangles
Bojangles is a regional chain of fast-food restaurants specializing in Cajun-seasoned fried chicken and buttermilk biscuits that primarily services the Southeastern U.S. This particular Bojangles property had 1.5 years of lease term remaining and did not know if they were going to stay or move from the location. The building also needed renovation and repairs to continue operations. The seller was a private client out of Southern California whose main goal was to trade out an asset that would leave them potentially having to re-tenant at the end of the term.
Finding the right buyer willing to take on more risk was vital to come to a successful close. With the help of the Matthews™ marketing team, the agents were able to source a hard-to-come-by buyer. The buyer was a professional investor with knowledge of not only the area – they operate a franchise with locations all over the Southeast – but the product type and was willing to take on the significant amount of risk associated with the deal for a much higher entry cap rate. Although there were initial difficulties in the transaction process, the agents persevered to ensure that every detail was taken care of to the highest standard. The agents’ relationship with the buyer, seller, and tenant and their strong work ethic allowed them to get this deal across the finish line.
Given the agents’ relationship with the tenant, they were able to secure information that ultimately led to the buyer acquiring the asset, knowing there was a higher likely hood of the tenant staying at the location than the agents had initially anticipated. The buyer was willing to reinvest in the location to ensure operations would continue, making the tenant willing to stay and renew the lease. Matthews™ was able to close the deal due to unrelenting perseverance, market knowledge, and familiarity with the product type and tenant.
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