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HA R D E E ’ S2712 A lamance Rd , Burl ing ton , NC 27215
O F F E R I N G M E M O R A N D U M
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N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E
C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has 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 matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ACTIVITY ID: ZAB0940027
A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y . P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .
N ET- L E ASE D DI S C L A I M E R
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com
Alam
ance Rd
Alam
ance Rd
E X E C U T I V E S U M M A R Y 3
Alamance Rd
Alamance Rd
E X E C U T I V E S U M M A R Y 4
Base Rent $47,727
2019 Percentage Rent Paid $25,000
2019 Net Operating Income $72,727
Square Feet 3,374 SF*
Lot Size 1.60 Acres*
Ownership Fee Simple
Total Price $1,180,000 6.15% RCAP
ATE
H A R D E E ’ S
*Building and lot size information per Survey. Buyer will need to verify theaccuracy of this during the due diligence period.
O F F E R I N G S U M M A R Y
2712 Alamance Rd, Burl ing ton, NC
F I N A N C I A L A N A L Y S I S 5
L E A S E S U M M A R Y
R E N T S C H E D U L E
Lease Type Absolute NNN
Roof & Structure Tenant Responsible
Tenant Hardee’sGuarantor Boddie-Noell Enterprises, Inc. Original Lease Term 15 yearsRent Commencement Date June 7, 2013Lease Expiration Date April 30, 2027Term Remaining 7 yearsPercentage Rent 6.50% of Annual SalesOptions Four, 5-year
* In addition to Base Rent, the lease includes a Percentage Rent Clause of 6.50% of sales versus base rent. The annual breakpoint is $734,261.
Base Rent $47,727
2019 Percentage Rent Paid $25,000
2019 Net Operating Income $72,727
F I N A N C I A L A N A L Y S I S 6
Headquartered in Rocky Mount, N.C., Boddie-Noell Enterprises Inc. (BNE) is a diversified, family-owned company. We own and operate restaurants – including more than 340 Hardee’s® restaurants across four states – and develop successful real estate projects.
In some ways BNE hasn’t changed since the day we started business with Hardee’s restaurants back in 1962. Our values and commitment to family are just as strong and evident today as then.
Today we employ close to 10,000 people and are considered one of the nation’s leading privately owned restaurant companies.*
But the answer we give most often, when people ask us who we are, is this: We’re a family. We’re a group of people who enjoy working to-gether. We love helping each other grow and seeing each other succeed. That’s BNE.
Boddie-Noell has been an integral part of Hardee’s since the brand began more than 50 years ago. We opened our first Hardee’s in 1962, and today we are the largest Hardee’s franchise operator in the United States with more than 340 restaurants in four states.
* Nation’s Restaurant News’ annual Foodservice Top 100
TENANT OVERVIEW // B ODDIE-NOELL ENTERPRISES, INC.
340+ HARDEE’S LOCATIONS
WEBSITEwww.https://bneinc.com/
HEADQUARTERED IN
Rocky Mountain, NC10,000+EMPLOYEES
BODDIE-NOELL BRANDS
P R O P E R T Y D E S C R I P T I O N 7
TENANT OVERVIEW // HARDEE’S
3,800+ LOCATIONS
WEBSITEwww.hardees.com
HEADQUARTERED IN
Franklin, TN
FOUNDED IN
1960
► Hardee’s, headquartered in Franklin, Tennessee, is thethirdlargestoperatorandfranchisorofchickenquickservicerestaurants,withover1,900restaurantsworldwide.
► OriginallyestablishedinNorthCarolinain1960,wasac-quiredin1997byCKEHoldings,Inc.,theparentcompanyofCarl’sJr.for$327million.WithbothaUSandinterna-tional footprint,Carl’s Jr.RestaurantsLLCandHardee’sRestaurants LLC have over 3,800 franchised or compa-ny-operatedrestaurantsin44statesand43foreigncoun-triesandU.S.territories.►
► Hardee’sisanAmericanquickservicerestaurantwithloca-tionsprimarilyintheSouthernandMidwesternUnitedStates.Onthemenu,theyserveburgers,milkshakes,andbreakfastamongotherfastfoodproducts,butarefamousfortheirbis-cuitsandthickburgers.
P R O P E R T Y D E S C R I P T I O N 8
I N V E S T M E N T H I G H L I G H T S
P R O P E R T Y H I G H L I G H T S
► Absolute NNN Lease with with Boddie-Noell Enterprises, Inc. ► Tenant is the Largest Hardee’s Franchisee - 340 Restaurants in Four States ► Situated on 1.60 acre lot ► Consistent store-level economics ► $120,000 worth of renovations to the exterior
► Situated along Alamance Road, a well-traveled retail and residential corridor within Burlington
► One block from I-85, I-40, & SR-40 Intersection ► Across the Street from Wendy’s and Waffle House ► Neighboring national tenants include Home Depot, Dollar General, Food Lion, Biscuitville,
Ramada Inn, Sheetz, and Chevrolet ► Less Than One-Quarter Mile from State Employees’ Credit Union - SECU is the second
largest natural member credit union in the United States
P R O P E R T Y D E S C R I P T I O N 9
P R O P E R T Y D E S C R I P T I O N 10
P R O P E R T Y D E S C R I P T I O N 11
BURLINGTON, NC
P O P U L A T I O N5 3 , 0 7 7
[INSERT CITY SEAL]
M A R K E T O V E R V I E W 12
POPULATION 1 MILE 3 MILES 5 MILES
2023 Projection 5,298 37,656 100,384
2018 Estimate 4,754 35,555 94,567
2010 Census 4,472 33,722 88,106
2000 Census 4,306 29,697 76,266
HOUSEHOLDS 1 MILE 3 MILES 5 MILES
2023 Projection 2,344 16,627 40,489
2018 Estimate 2,094 15,565 37,783
2010 Census 1,972 14,760 35,166
2000 Census 1,907 12,722 30,225
HOUSING
2018 $148,512
INCOME 1 MILE 3 MILES 5 MILES
Average $68,915 $71,555 $62,969
Median $53,954 $50,606 $45,763
Per Capita $30,374 $31,398 $25,733
EMPLOYMENT 1 MILE 3 MILES 5 MILES
2018 Daytime Population 4,189 45,752 103,222
2018 Unemployment 2.41% 3.21% 5.77%
2018 Median Time Traveled 23 22 22
M A R K E T O V E R V I E W 13
