Hardee’s Tenant Overview

Net Lease Advisor Tenant Hardees


  • 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

Hardee's has built a position as one of America's premier burger brands, with more than 1,800 quick-service restaurants operating in 30 US states and internationally.

Hardee's typically operates under a 20-year net lease, mostly NNN leases with rental bumps every five (5) years. The average Hardee's freestanding locations range from 2,500 - 3,500 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.

Founded in 1960 by Wilber Hardee and acquired by CKE Restaurants Holdings, Inc. in 1997, Hardee’s® restaurants are located throughout the Southeastern and Midwestern United States. CKE Restaurants Holdings, Inc. (“CKE”) is a privately held company based in Franklin, Tennessee. CKE, through its wholly owned subsidiaries, owns and operates Carl’s Jr.® and Hardee’s®, two regional brands.

Average Cap Rate
Trailing 12-month average
Average Property & Lease
Average Sale Price $1,751,224
NOI $103,749
$/Square Foot $500 - $700
Building SF 2,500 - 3,500
Lot Size 0.6 - 1.5 Acres
Lease Term 15 - 20 Years
Escalations 5 - 10% Every 5 Years
Stock Symbol N/A
Credit Rating
Moody's N/A
Average Cap Rate Trend
Rates reflect year-over-year comparison
Recent Sales Comps
Johnson City, TN 5.85%
Waynesville, IL 6.45%
Fountain Inn, SC 6.90%