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Restaurant

Hardee's

496 Piney Grove Rd, Columbia, SC 29210

Listing Price: $2,300,000

Cap Rate
5.75%
Tenant Name
CKE Restaurants, Inc.
Years Remaining On Lease
0.2
Gross SF
2,649
Guarantor
Corporate Guarantee
Rentable SF
2,649
Price/Gross SF
$868.25
Lease Type
Absolute Net
Rent Per Square Feet
$49.91

Investment Overview

The subject Hardee’s has 10.25 years remaining of its original 20-year base lease term. There are four, 5-year options to extend the lease. The lease is absolute triple-net with no landlord responsibilities for repairs, maintenance, or capital improvements during the base term and option periods. The lease features fixed rent increases of 10% every five years through the base term, and annual consumer price index (“CPI”) increases every 5-years through the option periods. The lease is guaranteed by CKE Restaurants, Inc., parent company of Hardee’s and Carl’s Jr. Collectively CKE Restaurants, Inc. (“CKE”) own or franchise over 3,800 restaurants in 44 US States, and 43 foreign countries. The company was founded in 1956 by Carl Karcher, and is headquartered in Franklin, Tennessee. In 2010, CKE agreed to a takeover offer from Apollo Global Management for $693.9 million US Dollars. In November of 2013, CKE was acquired by Roark Capital Group for a reported $1.65-$1.75 billion US Dollars; CKE remains a wholly owned subsidiary of Roark Capital Group. The subject Hardee’s is located in Columbia, South Carolina, and situated in that city’s most dynamic retail corridor. Adjacent retailers, and those in the immediate trade area read a who’s-who of national/regional household names that include Starbucks, CarMax, Lowe’s, Home Depot, Michael’s, Dick’s Sporting Goods, Costco, and Walmart Supercenter. Constructed in 1983, the subject property is approximately 2,649 square feet, and sits on a parcel of approximately .71 acres/30,927 sq. ft. Located on Piney Grove Road, adjacent to Interstate 26 with an on/off ramp that feeds vehicles from the interstate directly on to Piney Grove Road, nearly in front of the subject Hardee’s location. The property, and tenant, enjoy the benefit of a towering pylon sign which is visible from Interstate 26 driving customer traffic to this Hardee’s location. Daily vehicular traffic counts on Interstate 26 average some 107,800. This Hardee’s offering is competitively priced with recently closed and on-market quick service restaurants in the State of South Carolina with similar remaining base lease terms and offers an investor attractive cash flows whether the subject is acquired on a leveraged, or unleveraged basis.

Investment Highlights

  • 10.25 Years Remaining.
  • Absolute Triple-Net Lease / No Landlord Responsibility.
  • 10% Rent Increases Every Five Years.
  • Corporate Lease with Privately Held CKE Restaurants, Inc. Over 3,800 Franchised & Company Owned Locations.
  • Four, Five-Year Options to Extend the Base Term.
  • Exit Ramp to Piney Grove from Interstate 26.
  • Signage visible to Interstate 26 Vehicular Traffic.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (843) 952-2300

    License(s) SC: 86628

    South Carolina

Listing Price: $2,300,000

Cap Rate
5.75%
Tenant Name
CKE Restaurants, Inc.
Years Remaining On Lease
0.2
Gross SF
2,649
Guarantor
Corporate Guarantee
Rentable SF
2,649
Price/Gross SF
$868.25
Lease Type
Absolute Net
Rent Per Square Feet
$49.91

Investment Highlights

  • 10.25 Years Remaining.
  • Absolute Triple-Net Lease / No Landlord Responsibility.
  • 10% Rent Increases Every Five Years.
  • Corporate Lease with Privately Held CKE Restaurants, Inc. Over 3,800 Franchised & Company Owned Locations.
  • Four, Five-Year Options to Extend the Base Term.
  • Exit Ramp to Piney Grove from Interstate 26.
  • Signage visible to Interstate 26 Vehicular Traffic.

Investment Overview

The subject Hardee’s has 10.25 years remaining of its original 20-year base lease term. There are four, 5-year options to extend the lease. The lease is absolute triple-net with no landlord responsibilities for repairs, maintenance, or capital improvements during the base term and option periods. The lease features fixed rent increases of 10% every five years through the base term, and annual consumer price index (“CPI”) increases every 5-years through the option periods. The lease is guaranteed by CKE Restaurants, Inc., parent company of Hardee’s and Carl’s Jr. Collectively CKE Restaurants, Inc. (“CKE”) own or franchise over 3,800 restaurants in 44 US States, and 43 foreign countries. The company was founded in 1956 by Carl Karcher, and is headquartered in Franklin, Tennessee. In 2010, CKE agreed to a takeover offer from Apollo Global Management for $693.9 million US Dollars. In November of 2013, CKE was acquired by Roark Capital Group for a reported $1.65-$1.75 billion US Dollars; CKE remains a wholly owned subsidiary of Roark Capital Group. The subject Hardee’s is located in Columbia, South Carolina, and situated in that city’s most dynamic retail corridor. Adjacent retailers, and those in the immediate trade area read a who’s-who of national/regional household names that include Starbucks, CarMax, Lowe’s, Home Depot, Michael’s, Dick’s Sporting Goods, Costco, and Walmart Supercenter. Constructed in 1983, the subject property is approximately 2,649 square feet, and sits on a parcel of approximately .71 acres/30,927 sq. ft. Located on Piney Grove Road, adjacent to Interstate 26 with an on/off ramp that feeds vehicles from the interstate directly on to Piney Grove Road, nearly in front of the subject Hardee’s location. The property, and tenant, enjoy the benefit of a towering pylon sign which is visible from Interstate 26 driving customer traffic to this Hardee’s location. Daily vehicular traffic counts on Interstate 26 average some 107,800. This Hardee’s offering is competitively priced with recently closed and on-market quick service restaurants in the State of South Carolina with similar remaining base lease terms and offers an investor attractive cash flows whether the subject is acquired on a leveraged, or unleveraged basis.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (843) 952-2300

    License(s): SC: 86628

    South Carolina

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