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Hardee’s, North Vernon, IN

Hardee’s

Price $2,063,000
Cap Rate 6.00%
NOI $123,740*
Lease Term 20 Years
Lease Type Absolute NNN
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2019
Building Size 2,351 SF
Lot Size ±.0649 Acres (28,270 SF)
Status Under Contract
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN LEASE WITH GUARANTY
» Leased to StarCorp, the fastest growing franchisee in the CKE system (135+ units)
» 10% rental increases every five years, providing a hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance
» No landlord management, making this asset an ideal investment opportunity for an out-of-area investor
» 2019 construction built to latest Hardee’s prototype featuring ample on-site parking and dedicated drive-thru

EASILY ACCESSIBLE LOCATION IN POPULOUS AND GROWING AREA
» Immediate access to 11,047 vehicles per day directly in front of the location along State Road 3
» Visibility from North State Street, a primary retail corridor traversing the entirety of North Vernon (24,720 AADT)
» 62,837 residents within a 15-mile radius of the property, providing a large customer base for the property
» Projected 17 percent AHI increase within one mile of the site in the next five years, poising North Vernon and Hardee’s for significant concurrent growth
» Future job growth in North Vernon is projected to be 32 percent
» Centrally located 76 miles from Cincinnati, 70 miles from Indianapolis, and 70 miles from Louisville

CENTRAL LOCATION NEAR LARGE RETAILERS, EMPLOYERS, AND COMMUNITY HUBS
» Kroger Outparcel – with property and store owned and operated by Kroger Co.
» Surrounded by several national retailers including McDonald’s, Taco Bell, Arby’s, KFC, Dairy Queen, Pizza Hut, and many more, promoting crossover shopping to the location
» One mile from Lowe’s Distribution North Vernon, the largest employer in Jennings
» Immediately adjacent to the only Walmart Supercenter location within a 15-mile radius of the property, increasing retail traffic to the siteCounty (1,000+ employees)



Property Description

The property has an easily accessible location on State Road 3, with visibility and access to 11,047 vehicles directly in front of the property. Traffic to the site is increased by nearby North State Street, which experiences a high traffic count of 24,720 AADT. The site benefits from its location in a populous area, with 62,837 residents living within a 15-mile radius of the location. The property is primed to grow along with the surrounding area, with a projected 17 percent average annual household income increase within one mile of the site in the next five years. Future job growth in

North Vernon is also projected to be 32 percent. The property has a central location between large employers, retailers, and community hubs. The site is immediately adjacent to the only Walmart Supercenter location within a 15-mile radius of the property, increasing cross traffic to the property. The location is also surrounded by several national retailers including McDonald’s, Taco Bell, Arby’s, KFC, Dairy Queen, Pizza Hut, and many more, promoting crossover to the site. Traffic to the location is increased by its proximity one mile from Lowe’s Distribution North Vernon, the largest employer in Jennings County (1,000+ employees). The property is also centrally located between Louisville, Cincinnati, and Indianapolis, greatly increasing regional commuter traffic to the site.

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