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James Capital Advisors, Inc. Hardee's HARDEE’S - COLUMBUS, OH JAMES CAPITAL ADVISORS, INC. JAMES CAPITAL ADVISORS MARKETING PACKAGE 3444 S. High St Columbus, OH 43207 CONTENTS PAGE Investment Summary 03 Lease Summary 04 Investment Highlights 05 Rent Schedule 06 Retail Aerials 07 Site Plan 09 About the Brand 10 Location Overview 11 CONTACT INFORMATION Richard Brehaut Vice President, Net Lease (424) 325-2608 [email protected] 02 HARDEE’S - COLUMBUS, OH INVESTMENT SUMMARY Tenant Hardee’s $2,256,637 Street Address 3444 S. High St PURCHASE PRICE $2.2M City Columbus 5.65% State OH CAP RATE 5.65% Zip 43207 $127,500 GLA 2,351 SF NET OPERATING INCOME$127K Lot Size 0.60 AC Price / SF $959.86 Year Built 2017 Rent / SF $54.23 Long-Term Absolute Net (NNN) Lease In August 2019, Hardee’s signed a long-term 20-Year Absolute Net lease with ten, five-year options. Brand New Construction The building was constructed in 2017 and features Hardee’s latest prototype. Attractive Rental Increases to Hedge Against Inflation The lease will feature 10% increases every 5 years, including options, giving the landlord the benefit of compounding rent growth throughout the base term and option periods. Corporate Guarantee from Premier Hardee’s Franchisee StarCorp, LLC is one of the fastest-growing franchisee’s in the CKE System with 135+ Units Nationwide. 03 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH LEASE SUMMARY Lease Type Absolute Net (NNN) Real Estate Taxes Tenant Responsible Type of Ownership Fee Simple Insurance Tenant Responsible Original Lease Term 20 Years Roof & Structure Tenant Responsible Commencement Date 8/5/2019 Lease Guarantor Franchisee Lease Expiration 8/31/2039 Company Name StarCorp Term Remaining 19.84 Years Ownership Private Increases 10% Every Five Years Number of Locations 135+ Options Ten (10), Five-Year Decades of Successful Operating History Founded in 1960, Hardee’s was acquired in 1997 by CKE Restaurants Holdings, Inc., the parent company of Carl’s Jr. Today, there are more than 1,932 Hardee’s locations nationwide. Home to The Ohio State University Columbus is home to The Ohio State University, one of the largest college campuses in the United States, with approximately 65,000 students and over 6,200 faculty. It also has one of the most competitive intercollegiate programs in the nation. Hard Corner, Signalized Location The subject property is located on the SW. Corner of the intersection of S. High St and Williams Rd with daily traffic counts exceeding 38,446 vehicles per day. Adjacent to 400K SF Power Center The subject property is located across the street from a 400K SF shopping center anchored by Walmart and Kroger. The center features out pads with national retailers including Wendy’s, Taco Bell, Pizza Hut, Popeyes, Arby’s and White Castle. 04 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH Investment Highlights Thriving Retail Corridor Major national retailers in the immediate trade area include Lowe’s, Walmart, Kroger, ALDI, WAG, CVS, McDonald’s, Wendy’s, AutoZone, Planet Fitness, T-Mobile and Dollar Tree. Strong, Infill Demographics There are 45K people within three miles and 170K people within five miles of the subject property. Proximity to Major Traffic Artery The subject property benefits from its proximity to a point of ingress and egress to Interstate-270, which has daily traffic counts exceeding 92,412 vehicles per day. The Largest City in Ohio Columbus is the capital of Ohio and the largest city in the state with a population of over 860,000. It is also the 14th largest city in the United States. 05 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH RENT SCHEDULE PERIOD TERM ANNUAL RENT MONTLY RENT INCREASE CAP RATE 8/5/2019 - 8/31/2024 Base Term $127,500.00 $10,625 - 5.65% 9/1/2024 - 8/31/2029 Base Term $140,250.00 $11,687.50 10% 6.22% 9/1/2029 - 8/31/2034 Base Term $154,275.00 $12,856.25 10% 6.84% 9/1/2034 - 8/31/2039 Base Term $169,702.50 $14,141.88 10% 7.52% 9/1/2039 - 8/31/2044 1st Option $186,672.75 $15,556.06 10% 8.27% 9/1/2044 - 8/31/2049 2nd Option $205,340.03 $17,111.67 10% 9.10% 9/1/2049 - 8/31/2054 3rd Option $225,874.03 $18,822.84 10% 10.01% 9/1/2054 - 8/31/2059 4th Option $248,461.43 $20,705.12 10% 11.01% 9/1/2059 - 8/31/2064 5th Option $273,307.57 $22,775.63 10% 12.11% 9/1/2064 - 8/31/2069 6th Option $300,638.33 $25,053.19 10% 13.32% 9/1/2069 - 8/31/2074 7th Option $330,702.16 $27,558.51 10% 14.65% 9/1/2074 - 8/31/2079 8th Option $363,772.38 $30,314.37 10% 16.12% 9/1/2079 - 8/31/2084 9th Option $400,149.62 $33,345.80 10% 17.73% 9/1/2084 - 8/31/2089 10th Option $440,164.58 $36,680.38 10% 19.51% 06 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH RETAIL AERIAL 07 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH RETAIL AERIAL 08 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH SITE PLAN 09 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH ABOUT THE BRAND Hardee’s is an American quick service restaurant with locations primarily in the Southern and Midwestern United States, serving burgers, milkshakes, and breakfast among other fast food products. Established in North Carolina in 1960, Hardee’s was acquired in 1997 by CKE Restaurants Holdings, Inc., the parent company of Carl’s Jr., for $327 million. The acquisition resulted in a combined total of more than 3,300 Carl’s Jr. and Hardee’s locations in the U.S. and more than 28 countries and a merging of the two brands. Sustainable Future Hardee’s recently announced it will be partnering with Beyond Meat as one of the first U.S. quick- service restaurants to offer plant-based breakfast, lunch, and dinner options. They hope to make plant-based options accessible in more and more communities as they move toward a better-for- you, more sustainable future. Headquarters Website CKE Credit Rating Locations Franklin, TN www.Hardees.com B- 1,932 About Roark Capital Group In November 2013, Roark Capital Group (RCG), an Atlanta based private equity firm, acquired CKE Restaurant Holdings for $1.65-1.75 billion. Since inception, affiliates of Roark have acquired 74 franchise/multi-unit brands which generate approximately $37 billion in system revenues from 36,000 locations located in 50 states and 81 countries. Their largest sector, food and restaurants, encompasses 25 investments in brands such as: Inspire Brands (the owner of Arby’s, Buffalo Wild Wings, and Sonic), CKE Restaurants (the owner of Carl’s Jr. and Hardee’s), Corner Bakery, Culver’s, FOCUS Brands (the owner of Auntie Anne’s Pretzels, Cinnabon and Jamba Juice) Jimmy John’s, Miller’s Ale House, Naf Naf Middle Eastern Grill, and Wingstop. StarCorp, LLC, the entity behind the lease, is one of the largest and fastest growing franchisee’s in the system. They currently operate more than 135+ Hardee’s in AZ, TX and the Midwest. RCG Headquarters System Revenue # of Franchise Brands Locations Atlanta, GA $37 Billion 74 Brands 36,000 10 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH LOCATION OVERVIEW Columbus, Ohio Columbus is the state capital and the most populous city in the U.S. state of Ohio. With a population of 892,533, it is the 14th-most populous city in the United States and one of the fastest growing, large cities in the nation. This makes Columbus the second-most populous city in the Midwest (after Chicago, Illinois). It is the core city of the Columbus, OH Metropolitan Statistical Area, which encompasses ten counties. The city has a diverse economy based on education, government, insurance, banking, defense, aviation, food, clothes, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. Home to Fortune 500 Companies Ohio is ranked number five in the nation for headquarters of Fortune 500 companies, more than 20 Ohio companies have made Forbes 2018 list of the best large employers in the nation. Columbus was also reecently included on the New York Times’ list of “52 Places to Visit in 2019”. Columbus, OH Columbus MSA Greater Columbus is one of the largest metropolitan areas in the Midwestern United States. It is part of the Great Lakes Megalopolis, containing an estimated 59 million people. Diverse Economy and Population The Columbus region is home to a population of 2.1 million and has a potential workforce of 1 million. The region boasts one of the youngest and most-educated populations: the median age is 35.8 and more than 36 percent of residents hold a bachelor’s degree. The region also has one of the highest concentrations of college students in the nation, and one of the highest populations of millennials. Nationwide Children’s Hospital Nationwide Children’s Hospital is a primary pediatric hospital in Columbus, Ohio, with more than 1,379 medical staff members and over 11,909 total employees. In recent years, the hospital has been ranked as one of America’s Best Children’s Hospitals by US News & World Report. Largest Private Research & Development Foundation Columbus is home to the Battelle Memorial Institute, the world’s largest private research and development foundation.
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