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  Hardee's


Average Property & Lease

Average Sale Price$1,931,809
CAP Rate (12mo avg with 10+ lease term)5.70%
NOI$109,759
$/Square Foot$400 - $700
Building Size3,000 +/- sf
Lot Size06. - 1.0 acres
Lease Term20 +/- Years
Escalations10% Every 5 Years
CREDIT RATING
B-
S&P
N/A
Moody's
view credit rating chart
View Net Lease Property Listings at CALKAIN.COM Last Updated: August 18, 2016
Net Lease Advisor Overview

Hardee's has built a position as one of the America's premier burger brands, who operates and franchises more than 1,900 quick-service restaurants in 30 U.S. states.

Hardee's typically operates under a 20-year net lease, mostly an Absolute-Triple-Net lease with rental bumps every five years. The store locations are usually in suburban areas throughout Midwest and Southeast regions and are currently expanding into Pennsylvania, New York, Michigan, Wisconsin, and New England. The average Hardee's freestanding locations range from 2,500 - 3,000 SF situated on 0.60 - 1.50+/- of land. The prototypical store model offers a drive-thru window and the configuration is adaptable to a variety of alternative uses.

Pros

Cons

  • NNN Lease eliminates Landlord responsibilities
  • Located in high traffic suburban locations
  • Store configuration adaptable to a variety of alternative uses
  • Private company
  • Must look closely at performance of franchisor across all locations
Tenant Description

Wilber Hardee opened his first namesake restaurant in Greenville, North Carolina in 1960. He opened his first franchise five months later and over the years his burger chain has spread through Midwestern and Southeastern United States. In April 1997, CKE Restaurants Holdings, Inc., the parent company of Carl's Jr., paid $327 million for Hardee's. The merger created a chain of 3,828 restaurants - 3,152 Hardee's outlets in 40 states and 10 foreign countries and 676 Carl's Jr. outlets primarily in California.

Hardee's is a quick-service restaurant, with a menu that includes the 1/3-lb. 100% Black Angus Beef Thickburger® line, Hand-Scooped Ice Cream Shakes & Malts™ or Made from Scratch™ Biscuits.

As of 2016, there are 5,812 Hardee's locations throughout the country. Hardee's signed a franchisee to develop 84 stores across Ohio by 2017.

In 2015, Nation's Restaurant News ranked Hardee's as the No. 28 foodservice chain by sales in the United States through 2011.
HARDEE'S TREND
CAP Rate

2015 avg: 6.13%

2016 avg: 5.63%

RECENT SALES

Blue Springs, MO

$1,927,486 | 5.65%

Tuscaloosa, AL

$1,940,000 | 6.00%

MORE INFO
www.hardees.com