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OFFERING MEMORANDUM HARDEE S S ROUTE 59 PLAINFIELD, IL Hardee s, Plainfield, IL 1 2 Offering Memorandum CONTENT 04 INVESTMENT SUMMARY 06 FINANCIALS 07 TENANT OVERVIEW 08 PROPERTY DETAILS 11 AREA OVERVIEW EXCLUSIVELY LISTED BY Connor Olandt Associate DIR (949) MOB (818) LIC # (CA) Calvin Short FVP & Senior Director DIR (949) MOB (310) LIC # (CA) Randy Olczyk BROKER OF RECORD LIC # INVESTMENT SUMMARY Long Term Investment Opportunity 16+ years remaining on the initial lease term 5% increases every 5 years next increase is in 1.5 years Healthy Lease Guarantee 68 units on the entity backing the lease Well Positioned Property Located in an affluent suburb of Chicago, IL - Average Household Income is $121,137 in a 1-mile radius, and there are 165,000 people in a 5-mile radius Located on one of the busiest roads in the area ±24,000 VPD Outparcel to Vintage Harvest Shopping Center Popular National Brand Strong Franchisee Starcorp LLC operates 162 Hardee s and Carl s Jr across the US Carl Karcher Enterprises (CKE) is one of the largest national QSR concepts and has over 3,100 Hardee s and Carl s Jr locations 4 Offering Memorandum Lease Abstract Tenant Trade Name Lease Guarantor Hardee s Starcorp HD, LLC Address US-59, Plainfield, IL Size ± 0.91 Acres Date of Lease 12/30/2013 Lease Expiration 12/31/2033 Years Remaining ± 16 Years Current Rent $119,000 Rent Increases Options to Renew Net Lease Real Estate Taxes Property Insurance Liability Insurance Utilities Assignment and Subletting Right of First Refusal Estoppal Certificate Reporting 5% Every 5 Years Tenant shall deliver written notice to Landlord at least ninety (90) days but no more than two hundred seventy (270) days prior to the expiration of the Initial Term of this Lease or any Option Period to exercise the extension of lease. If elected by Tenant to exercise any option, The Rent in the First Option Period will be assessed by a Market Rate. After the Market Rate is assessed, the remaining Second, Third, and Fourth Option Period will have increases of 5% at the beginning of each option period. Absolute NNN-Zero Landlord Responsibilities Tenant Shall pay taxes. Tenant shall, at its own cost and expense keep the Premises and other improvements insured. Tenant shall carry at its own cost and expense liability insurance. Tenant shall promptly pay for all utilities. Tenant shall not assign or sublet any part of the Premises without Landord s written consent. Landlord shall give Tenant five (5) days notice in writing. Tenant must respond within five (5) days. Tenant must deliver an executed Estoppal five (5) days from notice. Tenant shall deliver financials for the Premises to Landlord. Hardee s, Plainfield, IL 5 FINANCIALS HARDEE S S Route 59 Plainfield, IL List Price...$1,904,000 CAP Rate - Current % Gross Leasable Area... ± 3,140 SF Lot Size... ± 0.91 Acres Year Built/Remodeled /2014 Annualized Operating Data Monthly Rent Annual Rent Rent/SF Cap Rate Current 12/30/2018: $9, $119, $ % 12/31/ /30/2023: $10, $124, $ % 12/31/ /30/2028 $10, $131, $ % 12/31/ /30/2033 $11, $137, $ % Tenant Summary Tenant Trade Name Hardee s Type of Ownership Fanchisee Lease Guarantor StarCorp HD, LLC (68 Units) Lease Type Fee Simple Roof and Structure Absolute NNN Original Lease Term 20 Years Lease Commencement Date 12/30/2013 Lease Expiration Date 12/31/2033 Term Remaining on Lease ± 16 Years Increases 5% Increases Every Five (5) Years Options Four, 5-Year Options 6 Offering Memorandum TENANT OVERVIEW Property Name Parent Company Trade Name Ownership Hardee s CKE Restaurants Private No. of Locations ± 1,950 No. of Employees ± 16,680 Headquartered St. Louis, Missouri Website Year Founded 1961 TENANT OVERVIEW As a subsidiary of fast food giant CKE Restaurants, Hardee s Food Systems is a leading fast food chain operator with more than 1,900 locations in some 30 states, primarily in the Midwest and Southeast. The chain offers a variety of premium-priced Angus beef hamburgers under such names as Thickburger, Six Dollar Burger, and the Monster Thickburger. Hardee s also serves up chicken sandwiches, salads, fries, and beverages, as well as dessert items. About 475 of the restaurants are operated by the company, while the rest are franchised. GEOGRAPHIC OUTREACH Since the opening of the first restaurant in Greenville, North Carolina in 1960, Hardee s has established a strong presence throughout the Midwest and Southeast. Most locations are in the United States, distributed among some 30 states. STRATEGY The company s Hardee s chain has started to incorporate its own dual branding strategy, pairing some of its locations with Red Burrito outlets. Plans to continue expansion in international markets are underway and involve the use of franchise development agreements. CKE is targeting growth in Brazil, Canada, China, and Russia. In 2014 Carl s Jr. announced plans to expand in Ontario, Canada s Golden Horseshoe, a territory that includes Toronto, Mississauga, Oakville, Burlington, Hamilton, Brantford and London. Hardee s chains market themselves as gourmet burger outlets with slightly higher menu prices. In lieu of rapid expansion, CKE has focused on managing costs and investing in additional marketing efforts to drive traffic to its restaurants. Its chains target primarily a young, male demographic with oversized burgers made with premium Angus beef. Hardee s, Plainfield, IL 7 PROPERTY DETAILS THE OFFERING Property Name Property Address Hardee s S Route 59 Plainfield, IL Assessor s Parcel Number Site Description Number of Stories One Year Built/Remodeled 1955/2014 Gross Leasable Area (GLA) ± 3,140 SF Lot Size ± 0.91 Acres (39,639 SF) Type of Ownership Franchisee Parking ± 43 Surface Spaces PARCEL MAP Subject Property 8 Offering Memorandum SOUTHBOUND Vintage Harvest Shopping Center Subject Property Hardee s, Plainfield, IL 9 NORTHBOUND S. Route 59 ± 24,000 ADT Subject Property 10 Offering Memorandum AREA OVERVIEW PLAINFIELD, IL The village of Plainfield is located in Will County, an hour outside of Chicago. Previously named Walker s Grove, Plainfield was established in It first started as an area for cheese factories and several different mills. Once the EJ&E Railroad was constructed, the town s population started to grow. Gradually, the village started to become a residential area, welcoming families. Today, the village is a fully functional and growing area that is family oriented. Many live Plainfield and commute to Chicago for work because of the low crime rate. PLAINFIELD DEMOGRAPHICS POPULATION 3-Mile 5-Mile 10-Mile 2022 Projection 62, , , Estimate 60, , ,360 Growth % 3.58% 2.02% Growth % 6.89% 3.54% HOUSEHOLDS 3-Mile 5-Mile 10-Mile 2022 Projection 18,408 53, , Estimate 18,046 52, ,113 Growth % 2.74% 1.64% INCOME 1-Mile 3-Mile 5-Mile 2017 Est. Average Household Income $121,137 $105,023 $99,315 Hardee s, Plainfield, IL 11 ECONOMY Plainfield is the ideal location for today s growing businesses. The area had a population boom at the end of the 20th century, and it has stayed steady throughout recent years. With low unemployment rates, Plainfield has the highest median household income in the area. It is also known as one of the fastest growing suburbs in the Chicagoland area. The community has a strong belief in equally supporting corporate and small business. The most popular industries in the area are within manufacturing and retail trade. Most residents occupations consist of management and sales roles. 12 Offering Memorandum CHICAGO, IL Nick named The Windy City, Chicago is the third most populated city in the United States and the most populated city in the Midwest. The city is an international hub for finance, commerce, industry, technology, telecommunication, and transportation. O Hare International Airport is the second-busiest airport in the world. There is a lot going on in this city, with the rich culture, diverse people, and one-of-a-kind skyline, Chicago is a place all its own. This city holds so much history, whether it is the art on the streets, or the buildings that have a perfect mix of historic and new age. ECONOMY Chicago has a large world financial center, and is the second-largest central business district in the United States. Chicago was voted 9th on the list of the world s richest cities. It is the base for countless corporate franchises such as Walgreens, Marshall Field s, Sears, and Crate & Barrel. Manufacturing, printing, publishing, and food processing helps Chicago s economy as well. Boeing moved its headquarters into Chicago in 2001 with United Airlines following in Conventions have also been a large provider for the city in recent years. Chicago has four interconnected buildings that is the largest convention center in the nation. The city is 3rd in the nation for holding the most conventions. Hardee s, Plainfield, IL 13 Navy Pier The Navy Pier is located on the Chicago shoreline of Lake Michigan. It is a great place to have some fun while seeing a different view of the city. The Pier has everything from kid attractions, restaurants, shops, and parks. There is something for everyone on Navy Pier. Cloud Gate This public sculpture, that created by Anish Kapoor, is in the center of AT&T Plaza at Millennium Park. Nicknamed The Bean, it weighs just over 110 tons. It was originally created for a design competition, but it has become such a hit within the city that it has become a landmark. Willis Tower First named the Sears Tower, Willis Tower is the second-tallest building in the United States and the 16th-tallest building in the world. The tower is one of the most popular tourist attractions. Over a million people come to visit the building a year and see the amazing view from the observation deck. In recent years, United Airlines has become to largest tenant in the building. John Hancock Center At 100-stories, John Hancock Center is the fourth-tallest building in Chicago and the eighth-tallest building in the United States. This building has everything from restaurants, offices, and condos. This observatory has the only open-air SKyWalk and has a restaurant overlooking Lake Michigan. CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Hardee s located at S Route 59, Plainfield, IL ( Property ). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. Hardee s, Plainfield, IL 15 EXCLUSIVELY LISTED BY Connor Olandt Associate DIR (949) MOB (818) LIC # (CA) Calvin Short FVP & Senior Director DIR (949) MOB (310) LIC # (CA) Randy Olczyk BROKER OF RECORD LIC # HARDEE S S ROUTE 59 PLAINFIELD, IL 16 Offering Memorandum
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