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| Hardee's |
499 West Troy Street, Brundidge, Alabama
Purchase Price: $1,225,806
• Eighteen (18) Year Primary Lease Term
• ABSOLUTE NET LEASE (No landlord responsibilities)
• Fixed rent increases of 2% paid annually
• Four (4) x 5-year options
Land Area: ± 1.76 acre, Building Area: ± 3,490 SF
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Willis Ventures recently closed escrow on a single tenant net leased retail property, Hardee’s in Brundidge, Alabama. The property sold for $1,225,806. The property is a corporate NNN lease for twenty years plus option periods. National tenants near this property include: Dollar General, CVS, Rite Aid, Wal-Mart, Subway, Dollar Tree, JC Penney, Radio Shack, Captain D’s, Ruby Tuesday, Blimpie, Wendy’s and Arby’s. The lease is a triple net lease, meaning that the landlord/investor holds no landlord responsibilities. The tenant is responsible for property taxes, maintenance, roof and structure and the parking area. This type of investment is ideal for an investor who wants a high-credit corporate backed lease free of management responsibilities.
Paradigm Investments, LLC currently operates 98 Hardee’s restaurants in Alabama, Florida, Minnesota, Tennessee and Illinois. Paradigm formed in 1999 to take advantage of the resurging Hardee’s Restaurant brand. Paradigm has generated steady sales growth over the past three years with the twelve months ending October 2005 posting substantial same store sales growth over fiscal year 2003. Hardee’s Thickburges successfully carves a unique niche within the competitive burger segment. CitySearch audience poll voted Hardee’s “Best Burger 2005” in 15 of Hardee’s major locations.
Brundidge, Alabama, has a population of about 15,000 residents and is located 9 miles south of Troy and 59 miles southeast of Montgomery. The subject property produces high sales due in part to its location directly off Interstate 231 linking Montgomery to Dothan.
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