Hardee's - EXP Realty Advisors

EXCLUSIVE OFFERING | $1,932,000 - 7.25% CAP 

Hardee’s 

975 Glynn Street North, Fayetteville, GA - Metro Atlanta 

EXP DALLAS 

214.522.7200 

JOE CAPUTO 

joe@exp1031.com 

BOB MOORHEAD 

bob@exp1031.com 

property. Hardee’s conversion (previously Backyard Burger) to be completed December 2012. 

tenant. Hardee’s franchisee: Biscuits and Burgers, L.L.C., operates 99 Hardee’s and Carl’s Jr. locations | 40+ years of restaurant and real estate experience 

lease structure. Brand new, 20-year, NNN lease with 7.5% rent increases every 5-years. 

location. On north bound side of Glynn Street North (31,940 Cars / Day). Near intersection with West Fayetteville Road (19,295 Cars / Day). Located in dense 

retail corridor; shares frontage with Chick Fil-A, Taco Bell, and KFC. Adjacent to 2 shopping centers: Banks Crossing and Banks Station (approx. 300,000 SF); 

anchor tenants include Kroger, JCPenney, Dollar General, and Staples. Located 1.5-miles south of Fayetteville Pavilion , a 1.5 million SF regional power center 

that includes big box retailers such as Wal-Mart, Target, and Home Depot as tenants. Near Hartsfield-Jackson Atlanta International Airport; world’s busiest since 

2005. Located in Atlanta MSA: 9 th largest in US.

Table of contents | Disclaimer 

Hardee’s 

975 Glynn Street North, Fayetteville, GA 

PAGE 1: COVER 

PAGE 2: TABLE OF CONTENTS | DISCLAIMER 

PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW 

PAGE 4: TENANT ARTICLE 

PAGE 5: PROPERTY PHOTO 

PAGE 6: AERIAL PHOTO 

PAGE 7: LOCATION OVERVIEW 

PAGE 8-9: LOCATION MAPS 

PAGE 10: DEMOGRAPHICS 

Disclaimer 

EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the 

property located at 975 Glynn Street North, Fayetteville, GA by the owner of the Property 

(“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller 

and Agent make no representations or warranties as to the accuracy of the information 

contained in this Offering Memorandum. The enclosed materials include highly confidential 

information and are being furnished solely for the purpose of review by prospective 

purchasers of the interest described herein. The enclosed materials are being provided 

solely to facilitate the prospective investor’s own due diligence for which it shall be fully and 

solely responsible. The material contained herein is based on information and sources 

deemed to be reliable, but no representation or warranty, express or implied, is being made 

by Agent or Seller or any of their respective representatives, affiliates, officers, employees, 

shareholders, partners and directors, as to the accuracy or completeness of the information 

contained herein. Summaries contained herein of any legal or other documents are not 

intended to be comprehensive statements of the terms of such documents, but rather only 

outlines of some of the principal provisions contained therein. Neither the Agent nor the 

Seller shall have any liability whatsoever for the accuracy or completeness of the 

information contained herein or any other written or oral communication or information 

transmitted or made available or any action taken or decision made by the recipient with 

respect to the Property. Interested parties are to make their own investigations, projections 

and conclusions without reliance upon the material contained herein. Seller reserves the 

right, at its sole and absolute discretion, to withdraw the Property from being marketed for 

sale at any time and for any reason. Seller and Agent each expressly reserves the right, at 

their sole and absolute discretion, to reject any and all expressions of interest or offers 

regarding the Property and/or to terminate discussions with any entity at any time, with or 

without notice. This offering is made subject to omissions, correction of errors, change of 

price or other terms, prior sale or withdrawal from the market without notice. Agent is not 

authorized to make any representations or agreements on behalf of Seller. Seller shall 

have no legal commitment or obligation to any interested party reviewing the enclosed 

materials, performing additional investigation and/or making an offer to purchase the 

Property unless and until a binding written agreement for the purchase of the Property has 

been fully executed, delivered, and approved by Seller and any conditions to Seller’s 

obligations hereunder have been satisfied or waived. By taking possession of and 

reviewing the information contained herein, the recipient agrees that (a) the enclosed 

materials and their contents are of a highly confidential nature and will be held and treated 

in the strictest confidence and shall be returned to Agent or Seller promptly upon request; 

and (b) the recipient shall not contact employees or tenants of the Property directly or 

indirectly regarding any aspect of the enclosed materials or the Property without the prior 

written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be 

copied or otherwise reproduced without the prior written authorization of Seller and Agent. 

4

Investment overview 

Hardee’s 


PRICE: $1,932,000 

CAP RATE: 7.25% 

NET OPERATING INCOME: $140,000 

BUILDING AREA: 3,255+ Square Feet 

LAND AREA: 0.82+ Acres 

YEAR BUILT: 2012 

OWNERSHIP: Fee Simple Interest 

OCCUPANCY: 100% 

Tenant overview 

Biscuits and Burgers, L.L.C., a Georgia limited liability company dba Hardee’s 

HARDEE’S | www.hardees.com 

Hardee’s 

The first Hardee’s restaurant was opened by Wilbur Hardee in 1960. Hardee’s restaurants are located predominantly in the Southeastern and Midwestern United 

States. Franchise agreements with Hardee’s franchisees generally provide for the payment of franchise fees and royalty fees, and advertising fees to a national 

fund and/or a regional cooperative fund, based upon a percentage of gross sales (typically 4% for royalties and 4% to 6% for advertising). As of January 31, 2011, 

Hardee’s franchisees and licensees operated 1,433 Hardee’s restaurants, or approximately 75% of the Hardee’s system. The majority of Hardee’s franchisees and 

licensees own more than one restaurant, with 30 franchisees and licensees owning ten or more restaurants. 

CKE Restaurants, Inc. 

Carl Karcher Enterprises’ Restaurants, Inc. acquired Hardee’s in 1999. Founded by Carl’s Jr. entrepreneur Carl Karcher in 1964, SUBJECT CKE PROPERTY today owns, operates, 

franchises and/or licenses 3,159 quick-service restaurants (QSR), primarily under the brand names Carl’s Jr. and Hardee’s PRIOR , both TO of PANDA which offer EXPRESS innovative, EXPANSION 

premium products intended to appeal to a target audience of young, hungry guys. 

Biscuits and Burgers, L.L.C. 

Lease overview 

Initial Lease Term: 20-Years, Plus 4, 5-Year Options to Renew 

Projected Rent Commencement: December 2012 

Projected Lease Expiration: December 2032 

Lease Type: Absolute NNN 

Rent Increases: 7.5% in Lease Year 6 & Escalating Every 5 Yrs. 

Year 1-5 Annual Rent (Current): $139,680 

Year 6-10 Annual Rent: $150,156 



Year 21-25 Annual Rent (Option 1): $186,538 




The franchisee, Biscuits, and Burgers, L.L.C. is owned by Steve Rosenfield and Dewey “Buddy” Brown and based in Lakewood, CO. Mr. Rosenfield has over 40 

years of restaurant and real estate experience. His past experience includes owning and operating numerous McDonalds, Burger King, and Tony Roma’s 

locations. The franchisee currently owns and operates 99 Hardee’s and Carl’s Jr. restaurants. Strong personal guarantee included as part of the lease. 

3

tENANT ARTICLE 

Hardee’s 


Source: http://www.jerseymikes.com/news/read.php?id=361 

Jersey Mike’s Continues Expansion with Industry Veterans 

August 18, 2011 

Jersey Mike’s Subs has signed multi-unit development agreements with restaurant industry veterans Steve Rosenfield and Linda Nash Rosenfield who currently own and 

operate 99 Carl’s Jr. and Hardee’s Restaurants throughout the country, and Terry Nordenstrom, a former 30-year Domino’s Pizza franchisee. This supports the sub chain’s 

strategy to expand in select U.S. markets with franchise partners who have track records of building strong brands and are committed to the company’s focus on product 

and service excellence. Mr. Rosenfield and Ms. Nash Rosenfield plan to open 10 Jersey Mike’s units in the Phoenix area in the next 5 years as part of their Rosenfield 

Restaurants group. The first unit is expected to open by the end of the year. Mr. Nordenstrom plans to open and operate 10 restaurants in the West Houston area. “I 

was first a fan of the Jersey Mike’s concept as a consumer,” said Mr. Rosenfield, who also plans to expand into other markets. “Management, product, profitability and 

consumer reaction are all the important points I look for – and Jersey Mike’s scored high on all those. Linda and I are totally committed – it’s full steam ahead.” 

Principal and president of the Rosenfield Restaurants, Mr. Rosenfield has 40+ years of restaurant and real estate experience: He started his career at the age of 18 and 

previously he was a franchisee with McDonalds, Burger King (14 years) and Tony Roma’s in Southern California. Currently he is a franchisee of Carl Karcher Enterprises 

(CKE) operating the Carl's Jr. and Hardees brands in several states. His expertise is in the strategic financial and operational turnaround of restaurant portfolios, as noted 

in his first Hardees acquisition in Montana/Wyoming – this DMA now boasts the highest average unit sales volume in the entire Hardees system. 

Ms. Nash Rosenfield is Vice President of Legal Affairs and Business Development at Rosenfield. She has 30 years of experience as CEO and Vice President in the Medical 

Device Industry for multibillion dollar corporations. She also worked in the mergers and acquisitions team at several companies, as well as Rosenfield Restaurants. 

Another experienced foodservice operator, Mr. Nordenstrom built and operated 28 Domino’s Pizza stores in six Midwest states and opened the first Domino’s locations 

in both North & South Dakota. He has won multiple Domino’s franchise awards for sales, operational excellence, and customer service, and was the 1999 Entrepreneurial 

Success Award winner for North Dakota, presented by the Small Business Administration. “I met Peter Cancro [Jersey Mike’s Founder] and was impressed by his 

commitment to quality products, service and supporting the local community,” said Mr. Nordenstrom. “Jersey Mike’s subs are best in class and I am excited to work with 

a company that is perceived as having such a high quality product.” From 2005-2008, Mr. Nordenstrom served as a board member and chairman of the Board of Domino’s 

Franchisee Association. He was also appointed by the city of Fargo Mayor to the position of Planning Commissioner from 2003-2008. “We are excited to partner with 

Steve, Linda and Terry to grow the Jersey Mike’s brand,” said Brian Sommers, Franchise Development, Jersey Mike’s Franchise Systems. “They are outstanding operators 

with multi-unit experience who are passionate about the brand, care about their local communities, and understand the value of a proven system. The combination of 

attracting proven operators throughout the QSR industry, and growing with franchisees within our own system continues to strengthen our brand.” This year, the 

company has also awarded 15 existing franchisees an additional 50 locations in 10 markets. 

4

PROPERTY photo 

Hardee’s 


SUBJECT PROPERTY, SHOWN 10/10/2012 

5

Aerial photo 

Hardee’s 


W. Fayetteville Rd (19,295 Cars / Day) 

Fayetteville Pavilion 

Banks Crossing 

Banks Station 

N 

6

Location overview 

Hardee’s 


IMMEDIATE TRADE AREA 

Hardee’s is strategically located in the center of one of Atlanta’s most dynamic and 

affluent suburbs. The site is on the north bound side of Glynn Street North (31,940 

Cars / Day) which is a segment of State Highway 85. State Highway 85 begins 1.2miles 

south of Hartsfield-Jackson Atlanta International Airport and extends south to 

southwest towards Columbus, Georgia’s 3 rd most populous city. This route serves 

as a major thoroughfare for traffic in the Fayetteville area. The subject property is 

also in close proximity to the Glynn Street North intersection with West Fayetteville 

Road (19,295 Cars / Day), a major north to south surface street. The mean annual 

household income within a 1-mile radius of the site is $102,860 and the population 

within this distance has grown 23.7% in the last decade. 

The subject property’s location near this intersection provides easy egress and 

ingress points for both southbound and northbound traffic positioning the site to 

capture a formidable share of the generous traffic volumes. A Chik-fil-A location 

neighboring the site with annual sales of $5 million demonstrates the economic 

vitality of the immediate trade area. This geographic advantage has drawn 

additional concepts such as KFC, Taco Bell, Popeye’s Chicken, and Krystal to 

invest themselves in this area. Additionally, tenants occupy approximately 500,000 

square feet of retail space immediately south and west of the subject property. This 

retail space includes the Banks Station (182,851 SF) and Banks Crossing (256,930 

SF) shopping centers. Banks Station is home to national tenants such as Staples 

and Dollar General while Banks Crossing is anchored by JCPenney and Kroger. 

Fayetteville Pavilion is a 1.5 million SF regional power center located north of 

Hardee’s. This development is clustered with national big box retailers such as Wal- 

Mart, a Super Target, Home Depot, Dick’s Sporting Goods, Bed Bath & Beyond, 

Sports Authority, and Kohl’s. Other national retailers such as Wells Fargo, 

McDonald’s, CVS, and Wells Fargo operate locations south of the subject property 

as well. 

FAYETTEVILLE, GEORGIA 

Fayetteville is the county seat of Fayette County, Georgia and is approximately 22miles 

south of Metro Atlanta. Fayette county has a mean annual household income 

of $82,216. As of the 2010 US Census the city had a population of 15,945 

residents, resulting in a near 43% growth rate over the previous decade. This 

widespread prosperity and population influx can be largely attributed to 

Fayetteville’s proximity to metro Atlanta and more specifically Hartsfield-Jackson 

Atlanta International Airport , the world’s busiest airport since 2005 (15 miles from 

city center). Business friendly local government initiatives have complimented 

Fayetteville’s built in advantages. Policies include an inventory tax exemption, a 

hiring tax credit, a non-unionized county government, and sales tax exemptions for 

new machinery for use in manufacturing. 

This accommodation has drawn employers from a broad representation of industries 

to establish significant operations in Fayette County. Corporations such as NCR, 

Panasonic, World Airways, and TDK components have set up shop here. 

Fayetteville has been mentioned among the top Metro Atlanta neighborhoods in a 

local Metro Atlanta Magazine; Newcomer. The city maintains this high regard due 

to the volume of homes sold in the previous year and average home sales price; 

505 homes with an average sales price of $234,722. Among national accolades is 

Forbes Magazine having recognized Fayetteville as a “top 10 suburb for retirement” 

citing the area’s lower-than-average cost of living and proximity to Atlanta as 

contributing factors. 

ATLANTA-SANDY SPRINGS-MARIETTA, GA MSA 

The Atlanta metropolitan area, or Metro Atlanta, is officially designated by the 

United States Census Bureau as the Atlanta-Sandy Springs-Marietta Metropolitan 

Statistical Area, and is the most populous metro area in the U.S. state of Georgia 

and the 9 th largest metropolitan statistical area (MSA) in the United States. In 

addition to Atlanta proper, Metro Atlanta spans 28 counties in north Georgia and 

has a total population of 5,268,860, a 28.13% increase from 2000. With a gross 

metropolitan product of $270 billion, Atlanta's economy ranks 15 th among world 

cities and 6 th in the nation. These factors are significant contributors to Atlanta’s 

status as an “Alpha- World City.” This coveted distinction is based on factors such 

as a city’s impact on global business, political influence, population, cultural, and 

infrastructural characteristics. 

Several major national and international companies are headquartered in metro 

Atlanta, including 4 Fortune 100 companies: The Coca-Cola Company, Home 

Depot, United Parcel Service, and Delta Air Lines. Other major corporate 

headquarters in Atlanta and around the metro area include AT&T Mobility, Newell 

Rubbermaid, Arby's, Chick-fil-A, Earthlink, Equifax, First Data, Gentiva Health 

Services, Georgia-Pacific, NCR, Oxford Industries, RaceTrac Petroleum, Southern 

Company, Mirant, and Waffle House. The MSA also has a sizable financial sector. 

The Federal Reserve has its district headquarters in Atlanta and Sun Trust, the 7 th 

largest bank in the U.S. by assets, held is based there. 

The metro area is a major transportation hub, too. Hartsfield–Jackson Atlanta 

International Airport, the world’s busiest airport, is located 7 miles south of the 

Atlanta central business district. Interstate 75, which extends from Tampa, FL 

north to Canada, passes through the center of the city. Interstates 85 and 20 also 

intersect in Atlanta. These amenities have lured corporations such as Ford Motor 

Company, Publix, Kellog’s, Toys r Us, Office Depot, and GE Appliance to locate 

major distribution centers in the area. The growth trend in the Metro Atlanta 

transportation sector continues with Federal Express planning to construct a 50acre 

distribution site in the north Atlanta suburb of Norcross. 

7

Location map 

Hardee’s 


8

Location map 

Hardee’s 


9

Demographics 

Hardee’s 


Demographic snapshot 

Radius 1 Mile 3 Mile 5 Mile 

Population: 

2015 Projection 3,315 24,807 84,959 

2010 Estimate 3,156 23,853 80,264 

2000 Census 2,552 20,176 68,080 

Growth 2010-2015 5.10% 4.00% 5.90% 

Growth 2000-2010 23.70% 18.20% 17.90% 

2010 Households: 

2015 Projection 1,315 9,434 29,022 

2010 Estimate 1,252 9,056 27,471 

2010 Census 1,025 7,588 23,350 

Growth 2010-2015 5.00% 4.20% 5.60% 

Growth 2000-2010 22.20% 19.30% 17.60% 

Owner Occupied 1,110 7,297 22,463 

Renter Occupied 143 1,759 5,008 

2010 Avg Household Income $102,860 $100,111 $89,900 

2010 Med Household Income $82,791 $80,817 $74,319 

2010 Per Capita Income $39,682 $37,611 $30,973 

2010 Households by Household Inc: 

Income Less than $15,000 49 401 1,288 

Income $15,000 - $24,999 45 316 1,117 

Income $25,000 - $34,999 73 508 1,661 

Income $35,000 - $49,999 125 962 3,508 

Income $50,000 - $74,999 222 1,773 6,295 

Income $75,000 - $99,999 281 1,866 5,723 

Income $100,000 - $149,999 298 1,951 4,763 

Income $150,000 - $249,999 108 942 2,410 

DOWNTOWN ATLANTA 

Income $250,000 - $499,999 41 285 590 

Income $500,000 or more 10 53 115 FAYETTEVILLE, GA - FORBES TOP 10 RETIREMENT SUBURBS 

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Hardee's - EXP Realty Advisors

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