Net Lease Advisor Tenant Hardees


  • NNN lease eliminates landlord responsibilities
  • Located in high traffic suburban locations
  • Store configuration adaptable to a variety of alternative uses


  • Private company
  • Must look closely at performance of franchisor across all locations

Tenant Description

Hardee's has built a position as one of the America's premier burger brands, who operates and franchises more than 1,900 quick-service restaurants in 30 US states.

Hardee's typically operates under a 20-year net lease, mostly NNN leases with rental bumps every five (5) years. The store locations are usually in suburban areas throughout Midwest and Southeast regions and are currently expanding into Pennsylvania, New York, Michigan, Wisconsin, and New England. The average Hardee's freestanding locations range from 2,500 - 3,500 SF situated on 0.60 - 1.50 of land. The prototypical store model offers a drive-thru window and the configuration is adaptable to a variety of alternative uses.

Wilber Hardee opened his first namesake restaurant in Greenville, North Carolina in 1960. He opened his first franchise five months later and over the years his burger chain has spread through Midwestern and Southeastern United States. In April 1997, CKE Restaurants Holdings, Inc., the parent company of Carl's Jr., paid $327 million for Hardee's. The merger created a chain of 3,828 restaurants - 3,152 Hardee's outlets in 40 US states and 10 countries and 676 Carl's Jr. outlets primarily in California. Today, Hardee’s and Carl’s Jr., have grown to 42 states and 25 foreign countries and US Territories.

Average Cap Rate
12 mo avg with 10+ yr lease term
Average Property & Lease
Average Sale Price $1,844,851
NOI $106,448
$/Square Foot $400 - $600
Building SF 2,5000 - 3,500
Lot Size 0.6 - 1.5 Acres
Lease Term 15 - 20 Years
Escalations 5 - 10% Every 5 Years
Stock Symbol N/A
Credit Rating
Moody's N/A
Average Cap Rate Trend
Rates reflect last 12 mos, short and long-term
Recent Sales Comps
Powell, TN 5.65%
Fairmont, WV 6.25%
Chipley, FL 5.50%