E X C L U S I V E N E T L E A S E O F F E R I N G
HARDEE’S 20 -YEAR SALE -LEASEBACKEXCLUSIVE NET LEASE OFFERINGRepresentative PhotoRepresentative PhotoMEMORANDUM150 North Cedar Bluff Road, Knoxville, TN 37923
Confidentiality and DisclaimerMarcus & Millichap hereby advises all prospective purchasers ofNet Leased property as follows:The information contained in this Marketing Brochure has beenobtained from sources we believe to be reliable. However,Marcus & Millichap has not and will not verify any of thisinformation, nor has Marcus & Millichap conducted anyinvestigation regarding these matters. Marcus & Millichap makesno guarantee, warranty or representation whatsoever about theaccuracy or completeness of any information provided.As the Buyer of a net leased property, it is the Buyer’sresponsibility to independently confirm the accuracy andcompleteness of all material information before completing anypurchase. This Marketing Brochure is not a substitute for yourthorough due diligence investigation of this investmentopportunity. Marcus & Millichap expressly denies any obligationto conduct a due diligence examination of this Property for Buyer.Any projections, opinions, assumptions or estimates used in thisMarketing Brochure are for example only and do not representthe current or future performance of this property. The value of anet leased property to you depends on factors that should beevaluated by you and your tax, financial and legal advisors.Buyer and Buyer’s tax, financial, legal, and construction advisorsshould conduct a careful, independent investigation of any netleased property to determine to your satisfaction with thesuitability of the property for your needs.Like all real estate investments, this investment carries significantrisks. Buyer and Buyer’s legal and financial advisors must requestand carefully review all legal and financial documents related tothe property and tenant. While the tenant’s past performance atthis or other locations is an important consideration, it is not aguarantee of future success. Similarly, the lease rate for someproperties, including newly-constructed facilities or newlyacquired locations, may be set based on a tenant’s projectedsales with little or no record of actual performance, orcomparable rents for the area. Returns are not guaranteed; thetenant and any guarantors may fail to pay the lease rent orproperty taxes, or may fail to comply with other material terms ofthe lease; cash flow may be interrupted in part or in whole due tomarket, economic, environmental or other conditions. Regardlessof tenant history and lease guarantees, Buyer is responsible forconducting his/her own investigation of all matters affecting theintrinsic value of the property and the value of any long-termlease, including the likelihood of locating a replacement tenant ifthe current tenant should default or abandon the property, andthe lease terms that Buyer may be able to negotiate with apotential replacement tenant considering the location of theproperty, and Buyer’s legal ability to make alternate use of theproperty.By accepting this Marketing Brochure you agree to releaseMarcus & Millichap Real Estate Investment Services and hold itharmless from any kind of claim, cost, expense, or liability arisingout of your investigation and/or purchase of this net leasedproperty.CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure isproprietary and strictly confidential. It is intended to be reviewedonly by the party receiving it from Marcus & Millichap and shouldnot be made available to any other person or entity without thewritten consent of Marcus & Millichap. This Marketing Brochurehas been prepared to provide summary, unverified informationto prospective purchasers, and to establish only a preliminarylevel of interest in the subject property. The informationcontained herein is not a substitute for a thorough due diligenceinvestigation. Marcus & Millichap has not made any investigation,and makes no warranty or representation, with respect to theSPECIAL COVID-19 NOTICEAll potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence andseek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospectivepurchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyersand sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, orengineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, andaccounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro formafinancial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should becomfortable with and rely solely on their own projections, analyses, and decision-making.)income or expenses for the subject property, the future projectedfinancial performance of the property, the size and squarefootage of the property and improvements, the presence orabsence of contaminating substances, PCB’s or asbestos, thecompliance with State and Federal regulations, the physicalcondition of the improvements thereon, or the financialcondition or business prospects of any tenant, or any tenant’splans or intentions to continue its occupancy of the subjectproperty. The information contained in this Marketing Brochurehas been obtained from sources we believe to be reliable;however, Marcus & Millichap has not verified, and will not verify,any of the information contained herein, nor has Marcus &Millichap conducted any investigation regarding these mattersand makes no warranty or representation whatsoever regardingthe accuracy or completeness of the information provided. Allpotential buyers must take appropriate measures to verify all ofthe information set forth herein.NON-ENDORSEMENT NOTICEMarcus & Millichap Real Estate Investment Services, Inc.(“M&M”) is not affiliated with, sponsored by, or endorsed by anycommercial tenant or lessee identified in this marketing package.The presence of any corporation’s logo or name is not intendedto indicate or imply affiliation with, or sponsorship orendorsement by, said corporation of M&M, its affiliates orsubsidiaries, or any agent, product, service, or commercial listingof M&M, and is solely included for the purpose of providingtenant lessee information about this listing to prospectivecustomers.ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASECONSULT YOUR MARCUS & MILLICHAP AGENT FOR MOREDETAILS.
Table of ContentsInvestment Highlights4Financial Analysis5Tenant/Guarantor Overview6Surrounding Area7Location Overview8Local & Regional MapDemographics / Market Overview9-1011-12Representative Photo
Investment HighlightsPRICE: 1,914,199 CAP: 5.00% RENT: 95,710About the Investment Long-Term, 20-Year Triple-Net (NNN) Sale-LeasebackStrong Guaranty from Hardee’s Restaurants, LLCAttractive 10% Rental Increases Every Five (5) YearsFour (4), Five (5)-Year Tenant Renewal Options – Extending Total Possible LeaseTerm to 40 YearsAbout the Location Dense Retail Corridor Lowe’s, Home Depot, Kroger, Aldi, Walgreens, CVS,McDonald’s, Chick-fil-A, Taco Bell, Wendy’s, Starbucks, KFC, Arby’s, WaffleHouse, Bojangles’, Dick’s Sporting Goods, Dollar Tree, and Many More Affluent Suburban Community Average Household Income Exceeds 103,000for Homes within Five Miles of the Subject Property Strong & Growing Demographics More than 130,000 Individuals Reside withina Five-Mile Radius of the Subject Property Heavily Trafficked Area Positioned on N Cedar Bluff Rd, which Intersects withInterstates 40-75 and Kingston Pike 17,500, 197,500 & 33,500 VPD,Respectively Highly Accommodating Area Baymont Inn & Suites, Hilton Garden Inn,Home2Suites by Hilton, Best Western, Microtel by Wyndham, Hampton Inn &Suites, Holiday Inn, Among Numerous Others Compelling Business Incentives Income Tax-Free StateAbout the Tenant / Brand Hardee’s is a Wholly Owned Subsidiary of CKE Restaurants, Inc. of Franklin,Tennessee Hardee’s was Founded in 1960 by Industry Pioneer Wilber Hardee CKE Restaurants, Inc., through its Subsidiaries, has a Total of Over 3,800Franchised or Company-Owned Restaurants in 44 States and in 43 ForeignCountries or U.S. Territories, Including 1,600 Carl's Jr. Restaurants and 2,200 Hardee’s Restaurants Hardee’s Long History of Industry Innovations have Included Enhancements tothe Customer Experience, Including Partial Table Service, the Dual-BrandingConcept, and Inventive Restaurant DesignHardee’s – Knoxville, TN4
Financial AnalysisPRICE: 1,914,199 CAP: 5.00% RENT: 95,710Rent SchedulePROPERTY DESCRIPTIONPropertyHardee'sProperty Address150 North Cedar Bluff RoadCity, State, ZIPKnoxville, TN 37923Year Built/Remodeled2014Building Size (Square Feet)3,037Lot Size /- 0.95 AcresType of OwnershipFee SimplePurchase PricePurchase Price 1,914,199CAP Rate5.00%Annual Rent 95,710LEASE SUMMARYProperty TypeTenant/GuarantorOriginal Lease TermLease CommencementLease ExpirationLease Term RemainingLease TypeRental IncreasesOptions to RenewHardee’s – Knoxville, TNNet-Leased RestaurantCorporate20 YearsClose of Escrow20 Years from Close of Escrow20 YearsTriple-Net (NNN)10% Every 5 YearsFour (4), Five (5)-Year OptionsLease Year(s)Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14Year 15Year 16Year 17Year 18Year 19Year 20Monthly Rent 95,710 95,710 95,710 95,710 95,710 105,281 105,281 105,281 105,281 105,281 115,809 115,809 115,809 115,809 115,809 127,390 127,390 127,390 127,390 127,390Annual Rent 7,976 7,976 7,976 7,976 7,976 8,773 8,773 8,773 8,773 8,773 9,651 9,651 9,651 9,651 9,651 10,616 10,616 10,616 10,616 10,616Rent Escalation10.00%10.00%10.00%-INVESTMENT SUMMARYMarcus & Millichap is pleased to present the exclusive net-lease offering for theHardee’s located at 150 North Cedar Bluff Road in Knoxville, Tennessee. The propertyconsists of roughly 3,037 rentable square feet of building space and is located on anestimated 0.95-acre parcel of land.The property is subject to a 20-year triple-net (NNN) sale-leaseback that will commenceupon the close of escrow. Base rent will be 95,710 with rental increases of 10% everyfive (5) years throughout the base term and into each of the four (4), five (5)-year tenantrenewal option periods.5
Tenant OverviewFor 60 years, Hardee's has brought communities together with quality, delicious food. Withmore than 1,800 restaurants across the U.S., and locations in 14 countries, we arecommitted to the best tasting food to better serve our guests--From Made From Scratch Biscuits and Hand-Breaded Chicken Tenders . Hardee’s is a wholly owned subsidiary of CKERestaurants, Inc. (NYSE: CKR) of Franklin, Tennessee. CKE Restaurants, Inc., through itssubsidiaries, has a total of more than 3,800 franchised or company-owned restaurants in 44states and in 43 foreign countries and U.S. territories, including more than 1,600 Carl's Jr.restaurants and more than 2,200 Hardee's restaurants.Wilber Hardee opened his first namesake restaurant in Greenville, North Carolina in 1960.Five months later, he had his first franchisee and, over the years, his burger chain spread tobecome a favorite throughout the Midwestern and Southeastern United States. In 1997, CKERestaurants Holdings, Inc. acquired Hardee’s from Imasco for 327 million. The chain builtits reputation on a unique breakfast menu featuring Hardee’s mouth-watering Made fromScratchTM Biscuits. With a renewed emphasis on premium quality, Hardee’s has taken thelunch/dinner segment to the next level with its line of 100 percent Black Angus beefThickburgers that come in 1/3-, 1/2- and 2/3-lb burgers. Other menu favorites include HandBreaded Chicken Tenders and charbroiled chicken sandwiches. Hardee’s, and their 1,800 domestic and international locations, have clearly established themselves as a leader in thequick-service restaurant industry.1960’sWilber Hardee, opens hisfirst Hardee's restaurant in Greenville,North Carolina, onSeptember 3, 1960. Theone-of-a-kind menuincluded 15-centhamburgers, 10-centfries, and 20-centmilkshakes. By the end ofthe 60s, there were morethan 200 Hardee'slocations.1970’sHardee's continues togrow, expanding itsfootprint and itsmenu, including theaddition of it'sfamous, fresh MadeFrom Scratch Biscuits and RoastBeef Sandwich, whichcontinue to be guestfavorites today.Hardee’s – Knoxville, TNHardee’s Restaurants, LLC (HR): Hardee’s Restaurants, LLC (“HR”) owns, operates and franchises theHardee’s and Red Burrito concepts Domestic Hardee’s restaurants are predominately located throughout theSouthwestern and Midwestern United States International Hardee’s restaurants have an established and growingpresence in the Middle East and Central Asia The Red Burrito concept is located in dual-branded Hardee’s restaurants As of November 4, 2019, Hardee’s restaurant portfolio consists of 2,217total Hardee’s restaurants: 163 company-operated sites 1,667 domestic franchised sites 387 international franchised sites1980’s1990’s2000’s2010’sIn the 80s, Hardee'sopens its 2,000thlocation, andcontinues its biscuitfame with theintroduction of theCinnamon 'N' Raisin biscuit, which stillremains a staple atHardee's everywhere.CKE Restaurantsacquires Hardee's in1997, creating achain of 3,828restaurants in 40states and 10 foreigncountries.Hardee's debuts itssignature line ofThickburgers -Delicious burgersmade with 100%Black Angus beefpatties, andintroduces the iconicMonster Thickburger.Today, Hardee's isproud to still servethe delicious, qualityfood that made therestaurant a favoritefor guests throughoutthe Midwest andSoutheast, whiledelighting fans withnew innovations likeFroot Loops MiniDonuts.6
Surrounding AreaProperty Address: 150 North Cedar Bluff Road, Knoxville, TN 37923Hardee’s – Knoxville, TN7
Location OverviewProperty Address: 150 North Cedar Bluff Road, Knoxville, TN 37923The subject Hardee’s property is well-situated on North Cedar Bluff Road in Knoxville, TN,which boasts an average traffic count of approximately 17,500 vehicles per day. NorthCedar Bluff Road intersects with Kingston Pike and Interstates 40-75, which bring anadditional 33,500 and 197,500 vehicles into the immediate surrounding area each day,respectively. Average household income exceeds 103,000 for homes within five miles ofthe subject property. There are more than 60,000 individuals residing within a three-mileradius of the subject property and more than 130,000 individuals within a five-mileradius, with the population projected to grow over the next five years.ADTC: 197,500This Hardee’s is strategically positioned in a dense retail corridor that consists of ahealthy mix of local, regional and national retailers, shopping centers, hospitalityaccommodations, and healthcare facilities, all of which drive traffic to the site. Majornational tenants in the immediate area include: Lowe’s, Home Depot, Kroger, Aldi,Walgreens, CVS, McDonald’s, Chick-fil-A, Taco Bell, Wendy’s, Starbucks, KFC, Arby’s,Waffle House, Bojangles’, Dick’s Sporting Goods, Dollar Tree, in addition to many others.Hospitality accommodations in the immediate area include: Baymont Inn & Suites, HiltonGarden Inn, Home2Suites by Hilton, Best Western, Microtel by Wyndham, Hampton Inn &Suites, Holiday Inn, among numerous others. The subject property benefits from itsimmediate access to healthcare, being located within one mile of Parkwest MedicalCenter, a 307-bed hospital with 1,700 employees and more than 500 active and courtesyphysicians. The subject property additionally benefits from its location within the incometax-free state of Tennessee.Knoxville is the county seat of Knox County and the third most-populous city in the U.S.state of Tennessee. Located where three of the nation’s most heavily traveled interstates,I-40, I-81 and I-75, converge, Knox County, TN is within a day’s drive of 70% of the USmarkets, providing businesses excellent access to market. With vibrant metropolitanamenities in Knoxville, the resources of a major university campus, an excellent schoolsystem, close proximity to the technological expertise of a national lab, Knox County, TNis a great place to live or locate a business. Home to numerous business and industrialsites, excellent infrastructure, and a talented and diverse workforce, Knox County offer anabundance of business advantages to many business sectors. Companies such asDiscovery, DeRoyal Industries, Regal Cinemas, Bush Brothers, CTI/Siemen MedicalSolutions, Pilot Corporation, Elavon, Whirlpool Corporation and Sea Ray Boats arethriving. Knox County is home the University of Tennessee’s main campus with over27,000 students. Located just a few miles outside Knox County is the Oak Ridge NationalLaboratory. The regional airport serving the metropolitan Knoxville area offers 120 flightsper day and 22 non-stop destinations by five major airlines. Six award-winning hospitalsprovide excellent healthcare in the county.Hardee’s – Knoxville, TNADTC: 17,500ADTC: 33,5008
Local MapProperty Address: 150 North Cedar Bluff Road, Knoxville, TN 37923McGhee Tyson Airport (TYS)Hardee’s – Knoxville, TN9
Regional MapProperty Address: 150 North Cedar Bluff Road, Knoxville, TN 37923TENNESEEHardee’s – Knoxville, TN10
DemographicsProperty Address: 150 North Cedar Bluff Road, Knoxville, TN 379231 Miles5 Miles3 MilesPOPULATION2025 Projection2020 Estimate2010 Census2000 Census3 Miles5 38,526132,541120,177102,538 74,273 55,493 37,184 98,233 73,647 42,487 103,533 75,995 58,45055,57250,47942,495 212,778 226,893 229,1669,3152.59%84,1552.39%169,1492.28%2020 Median Time Traveled20 Mins22 Mins22 MinsRACE & ETHNICITYWhiteNative AmericanAfrican AmericanAsian/Pacific 86.03%0.09%4.75%4.15%INCOMEAverageMedianPer Capita1 MileHOUSEHOLDS2025 Projection2020 Estimate2010 Census2000 CensusHOUSING2020EMPLOYMENT2020 Daytime Population2020 UnemploymentHardee’s – Knoxville, TN11
Market OverviewCity: Knoxville County: Knox State: TennesseeKnoxvilleKnoxville, TNis the county seat of Knox County and the third mostpopulous city in the U.S. state of Tennessee. Located where three of the nation’smost heavily traveled interstates, I-40, I-81 and I-75, converge, Knox County, TN iswithin a day’s drive of 70% of the US markets, providing businesses excellentaccess to market. With vibrant metropolitan amenities in Knoxville, the resourcesof a major university campus, an excellent school system, close proximity to thetechnological expertise of a national lab, Knox County, TN is a great place to live orlocate a business.Home to numerous business and industrial sites, excellent infrastructure, and atalented and diverse workforce, Knox County offer an abundance of businessadvantages to many business sectors. Companies such as Discovery, DeRoyalIndustries, Regal Cinemas, Bush Brothers, CTI/Siemen Medical Solutions, PilotCorporation, Elavon, Whirlpool Corporation and Sea Ray Boats are thriving.Knox County is home the University of Tennessee’s main campus with over 27,000students. Located just a few miles outside Knox County is the Oak Ridge NationalLaboratory. The regional airport serving the metropolitan Knoxville area offers120 flights per day and 22 non-stop destinations by five major airlines. Six awardwinning hospitals provide excellent healthcare in the county.With nationally ranked college football and basketball teams, pristine lakes for alltypes of water activities, the beautiful Great Smoky Mountains National Park forhiking and camping and community parks and walking trails for family fun, there isoutdoor recreation available for every taste.The wealth of cultural activities includes the Knoxville Opera Company, the RossiniFestival, the Knoxville Symphony, the Appalachian Ballet Company, the KnoxvilleMuseum of Art, the Clarence Brown Theatre, Tennessee Theatre and theTennessee Children’s Dance Ensemble.Hardee’s – Knoxville, TN12
Glen KunofskyGlen.Kunofsky@marcusmillichap.com(212) 430-5115Edward OtockaEdward.Otocka@marcusmillichap.com(212) 430-5235Michael LiuMichael.Liu@marcusmillichap.com(212) 430-5221John WinslowJohn.Winslow@marcusmillichap.com(646) 805-1412E XC LU S I V E N E T L EA S E O F F E R I N GTN BROKER OF RECORD:Jody McKibbenMarcus & Millichap6 Cadillac Drive, Suite 100Brentwood, TN 37027Tel: (615) 997-2900Fax: (615) 997-2910License: #307629150 North Cedar Bluff Road, Knoxville, TN 37923
CKE Restaurants, Inc., through its Subsidiaries, has a Total of Over 3,800 Franchised or Company-Owned Restaurants in 44 States and in 43 Foreign Countries or U.S. Territories, Including 1,600 Carl's Jr. Restaurants and 2,200 Hardee’s Restaurants Hardee’s Long Hist
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