Properties

Bojangles', Asheville, NC

320 Airport Road
Arden, NC 28704

PROPERTY SOLD

Property: Investment Sales

Square Footage: 3,800

Price: $2,180,000

Cap Rate: Call

Description:

• Located about 1 mile from the regional airport, 15 miles from the CBD and 10 miles from popular Biltmore Estate
• 3,816 square foot restaurant with drive-thru on about 0.92 acres positioned between Walmart, Target and Lowe’s
• 20 year NNN franchisee lease that commenced in December 2012 with 10% rent bumps every 5 years
• The leveraged transaction closed escrow in May 2013 for approximately $2.18 million with a 62% loan
• The buyer was an experienced high net worth NNN investor out of southern California