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| Hardee's |
2401 Dr John Haynes Drive, Pell City, Alabama
Purchase price: $1,087,000
• Twenty (20) year Primary lease
• Absolute NNN (Triple Net Lease)
• Two (2) 5-year options
• 2% rent increases every lease year
Land Area: ± 1.83 Acres, Building Area: ± 3,490 SF |
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Willis Ventures is excited to announce that our Sales Associate Conor Musgrave has closed escrow on a Hardee's in Pell City, Alabama. The property sold for $1,087,000 with a 7.57% capitalization rate.
Hardee’s Restaurant System (“Hardee’s”) is the nation’s 10th largest Quick Service Restaurant (QSR) chain by revenue, generating system-wide sales of over $1.8 billion. There are currently 1,993 Hardee’s restaurants as of the fiscal year ended January 30, 2006. A total of 663 locations are Company-owned, 1,184 are Domestic franchises and another 146 are International franchises. Almost 2,000 locations operate in 30 states in the Midwest and Southeast, Asia, the Middle East and Latin America employing approximately 17,000 people. As of second quarter FY 2006, Hardee’s average unit volume was $872,000 with approximately 48% of the system’s restaurants reporting average revenues of $1 million or greater. For FY 2005 Hardee’s reported that the average check per customer was $4.63, a 24% increase over the average three years prior. This vast system of restaurants was founded by Wilber Hardee in 1961 with the opening of his first store in Rocky Mount, North Carolina. By the end of the first decade, the Hardee’s system had grown to over 200 locations, including one in Germany. By 1980 Hardee’s acquired the 650 unit chain Burger Chef and opened its 2,000th restaurant. In 1999 Hardee’s “Star” re-imaging program remodeled and enhanced the restaurant chain’s units, introducing a higher standard of dining environment. This was followed by the Hardee’s “Revolution” in 2003, which improved consumer perception of the brand through premium products and higher quality of customer service.
The subject property is located in Pell City, Alabama. Pell City is 35 miles east of Birmingham, while Atlanta, Chattanooga, Huntsville, and Montgomery are within a two hour drive. Some of the other national tenants in the area include: Walmart, Home Depot, Wendy’s, Arby’s, KFC, Subway, Waffle House, McDonald’s, Burger King and Pizza Hut.
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