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Hardee’s Sale-Leaseback, Pekin, IL

Hardee’s Sale-Leaseback

Price $1,637,000
Cap Rate 5.50% return
NOI $90,000
Lease Term 20 Years
Lease Type Absolute NNN, with Tenant Responsible for all Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 1989
Building Size 3,200 SF
Lot Size 0.87 acres (37,897 SF)
Status SOLD
Lead Broker Information 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

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

Investment Highlights

LONG-TERM ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» 20-year sale-leaseback effective upon closing, demonstrating tenant’s long-term commitment to the location
» No landlord management, ideal for an out-of-area investor
» 10% rental increases every five years, providing a hedge against inflation
» LBE Holdings, LLC is an affiliate of Capstone Restaurant Group, which is one of the largest franchisees in the CKE system, with over 300 restaurants in 18 states, including more than 275 Hardee’s
» Strong 30-year operating history
» Very attractive rent to sales ratio (approximately 5.00%)
» Ample on-site parking and dedicated drive-thru, providing additional customer convenience

HIGH-TRAFFIC LOCATION IN DOWNTOWN PEKIN
» Conveniently located between the signalized intersections of North 5th Street and Margaret Street and North 5th Street and Ann Eliza Street, with excellent visibility and access to a combined traffic count of 28,600 vehicles per day
» Centrally located in downtown Pekin
» Surrounded by a strong mix of national, regional, and local tenants
» Nearby retailers include O’Reilly Auto Parts, Verizon, Circle K, CVS, AutoZone, Schnucks, McDonald’s, Dollar General, Walgreens, Kroger, and Arby’s, amongst others

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» Near schools, including 1,927-student Pekin Community High School, 365-student Edison Junior High School, and 514-student Washington Intermediate School
» Less than a mile from the 107-bed UnityPoint Health-Pekin Hospital
» Within walking distance of 200-acre Mineral Springs Park, featuring a skate park, dog park, ice rink and recreation center, baseball diamonds, a lagoon stocked with fish, a water park, and more
» Surrounded by residential communities, which provide a strong customer base



Property Description

SOLD
The property is conveniently located between the signalized intersections of North 5th Street and Margaret Street and North 5th Street and Ann Eliza Street, with excellent visibility and access to a combined traffic count of 28,600 vehicles per day. Centrally located in downtown Pekin, the property is surrounded by a strong mix of national, regional, and local tenants. The property shares cross-access with O’Reilly Auto Parts and is directly across from Verizon. Other notable retailers in the nearby area include Circle K, CVS, AutoZone, Schnucks, McDonald’s, Dollar General, Walgreens, Kroger, and Arby’s, amongst others.

The property is close to major schools, hospitals, and recreational areas and benefits from a strong customer base in the surrounding area. The property is a short distance from several schools, including Pekin Community High School (1,927 students), Edison Junior High School (365 students), and Washington Intermediate School (514 students). The 107-bed UnityPoint Health-Pekin Hospital is less than a mile from the property. Also less than a mile from the property is Mineral Springs Park, featuring over 200 acres of parkland and including a skate park, dog park, ice rink and recreation center, baseball diamonds, a lagoon stocked with fish, a water park, and more. Additionally, the property is surrounded by residential communities and has operated successfully at its current location for 30 years, indicating that there is an established customer base in the surrounding area.

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