Investment OFFERING | $1,740,000 · PDF fileHARDEE’S | Hardee’s is an American restaurant chain, ... SITE PLAN Hardee’s 16 NE US HWY 19, Crystal River, FL 6 . Location overview

214.915.8890

BOB MOORHEAD

[email protected]

JOE CAPUTO

[email protected]

RUSSELL SMITH

[email protected]

Investment OFFERING | $1,740,000

Hardee’s

16 NE US HWY 19, Crystal River, FL

property. New Construction. 2,500+ SF building on 0.68+ acres.

tenant. Hardee’s Franchisee: Phase Three Star, LLC, owner and operator of 40 franchised Hardee’s Restaurants in greater Tampa, FL area.

lease structure. Brand new, 20-year, NNN lease with 10% rent increases every 5-years in initial term and options.

location. Hardee’s is located along US HWY 19 (30,000 Cars / Day) just south of NE 5th St (20,000 Cars / Day). US HWY 19 is a portion of U.S. Route 19 that

serves as a major north-south thoroughfare in Crystal River and connects the city with various commercial hubs. This accessibility and proximity to the Crystal

River have spurred the development of various retail and commercial business in the immediate trade area. Big Lots!, Save a Lot, Walgreens, CVS, Dollar

General, AutoZone, and McDonald’s are just a few of the national credit tenants in the vicinity. Crystal River Primary School (600+ students), Crystal River Middle

School (800+ students), and Crystal River High School (750 students) are all located within 1.5-mile radius of the site. Crystal River is located 75-miles north of

Tampa, FL.

REPRESENTATIVE PHOTO

Trivanta (“Agent”) has been engaged as an agent for the sale of the property located at 16

NE US HWY 19, Crystal River, FL 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.

PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW

PAGE 1: COVER

PAGE 2: TABLE OF CONTENTS | DISCLAIMER

PAGE 10: DEMOGRAPHICS

Table of contents | Disclaimer Hardee’s


PAGE 7: LOCATION OVERVIEW

PAGE 8-9: LOCATION MAPS

Disclaimer

PAGE 4-5: AERIAL PHOTOS

PAGE 6: SITE PLAN

Florida Broker of Record:

Turner Net Properties, Inc. | License # 565084

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SUBJECT PROPERTY PRIOR TO PANDA EXPRESS EXPANSION

PHASE THREE STAR, LLC, a Florida Limited Liability Company dba Hardee’s

The operator behind Phase Three Star, LLC. (Tenant), operates forty (40) franchised Hardee’s restaurants in the greater Tampa, FL area. The company plans to build five new

stores over the course of the next three years and at least ten stores over the next five years.

HARDEE’S | www.hardees.com

Hardee’s is an American restaurant chain, which predominantly operates in the South and Midwest states. It has evolved through several corporate ownerships since its

establishment in 1960. It is currently owned and operated by CKE Restaurants. Along with its sibling restaurant chain, Carl’s Jr., Hardee’s is the 5th largest fast-food restaurant

chain in the United States after Subway, McDonald’s, Burger King and Wendy’s. As of November 2013, there are 1,977 Hardee’s locations in 30 states.

CARL KARCHER ENTERPRISES, INC. | www.ckr.com

Founded by Carl’s Jr. entrepreneur Carl Karcher in 1964, Carl Karcher Enterprises (CKE) today owns, operates, franchises and/or licenses 3,243 quick-service restaurants

(QSR) in 43 states, primarily under the brand names Carl’s Jr. and Hardee’s, both of which offer innovative, premium products intended to appeal to a target audience of

young, hungry guys. CKE Restaurants is the parent company of Carl’s Jr., Hardee’s, Green Burrito, and Red Burrito restaurant chains. The company employs a dual branding

technique for Carl’s Jr. with Green Burrito. Similarly Hardee’s has a dual branding strategy with Red Burrito. Carl’s Jr. primarily operates in western US and West Coast

regions. In 2013, CKE Restaurants, Inc. was purchased by the private equity firm Roark Capital Group, based out of Atlanta. Roark’s franchise and multi-unit portfolio

includes 29 brands that collectively have more than 15,000 locations and $15 billion in system-wide revenues across 50 states and 68 countries. Roark’s total locations include

nearly 13,000 domestic locations and more than 2,300 international locations. They also include nearly 13,000 franchise locations (operated by 4,200 franchisees) & 2,300

company-owned locations. The firm has $3 billion of equity capital under management.

PRICE: $1,740,000

NET OPERATING INCOME: $100,000

PROJECTED BUILDING AREA: 2,500+ Square Feet

LAND AREA: 0.68+ Acres

YEAR BUILT: 2015

LANDLORD RESPONSIBILITY: None

OWNERSHIP: Fee Simple Interest

OCCUPANCY: 100%

Tenant overview

Investment overview Hardee’s


Projected Lease Expiration: September 2035

Projected Rent Commencement: September 2015

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

Phase Three Star LLC, a Florida Limited Liability Company dba Hardee’s

Rent Increases: 10% Increase Every 5 Yrs In Term & Options

Year 1-5 Annual Rent (Current): $100,000

Lease Type: Absolute NNN

Year 6-10 Annual Rent: $110,000



Year 21-25 Annual Rent (Option 1): $146,410

Lease overview




Right of First Refusal: Yes

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Aerial photo Hardee’s


Crystal River

Middle School

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Crystal River

Primary School

Crystal

River

Crystal River

High School

http://www.laniertech.edu/

Aerial photo Hardee’s


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http://www.laniertech.edu/

SITE PLAN Hardee’s


6

Location overview Hardee’s


IMMEDIATE TRADE AREA

Hardee’s is located along US HWY 19 (30,000 Cars / Day) just south of NE 5th

St (20,000 Cars / Day). US HWY 19 is a portion of U.S. Route 19 that serves

as a major north-south thoroughfare in Crystal River and connects the city with

various commercial hubs.

This accessibility and proximity to the Crystal River have spurred the

development of various retail and commercial business in the immediate trade

area. Big Lots!, Save a Lot, Walgreens, CVS, Dollar General, AutoZone,

O’Reilly Auto Parts, NAPA, Tire Kingdom, Sonic, Pizza Hut, and McDonald’s

are just a few of the national credit tenants in the vicinity.

Crystal River Primary School (600+ students), Crystal River Middle School

(800+ students), and Crystal River High School (750 students) are all located

within 1.5-mile radius of the site.

CRYSTAL RIVER, FL

Crystal River is located along Florida's beautiful Nature Coast, about an hour

and a half drive from Tampa/St. Petersburg. The city was incorporated in 1903

and is the self professed "Home of the Manatee“. Crystal River Preserve State

Park is located nearby, and Crystal River Archaeological State Park is located

in the city's northwest side. The city is situated around the magnificent Kings

Bay, which is designated as an Outstanding Florida Waterway and offers

ample opportunities for boating, diving, swimming, fishing as well as a variety

of Manatee and Eco-Tours; Kings Bay is home to over 400 manatees during

the winter when the water temperature in the Gulf of Mexico cools, and is the

only place in the United States where people can legally interact with them in

their natural conditions

The Gulf of Mexico, off the Crystal River is also one of the few places to scallop

along the coast of Florida. Bay scallop season runs July 1- September 24 each

year. This underwater "treasure hunt" is an experience unlike any other. In

downtown Crystal River you can walk the quaint specialty shops, amazing

restaurants and festive bars, some of which are nestled in historic family

homes. Downtown is located only blocks away from the waterfront, where you

will find the City's many festivals and events.

CITRUS COUNTY, FL

Citrus County is a county located in the U.S. state of Florida. As of the 2010

census, the population was 141,236. Its county seat is Inverness, and its

largest community is Homosassa Springs.

During the 1970s Florida Power Corporation began construction on its massive

electrical power-generating complex which is still the largest industry in the

county. Real estate became the next “big thing” in Citrus County during the

1970s.Communities such as Beverly Hills, Sugar Mill Woods and Citrus

Springs brought thousands of Northern retirees to this area and created a

population boom that is still going on. The county has grown from 17,000 in

1960 to 142,000 in 2010.

TAMPA, FL

The City of Tampa is the county seat and largest city in Hillsborough County,

and is the third most populous city in Florida. Approximately one-third of

Hillsborough County's population resides in the City of Tampa. The City of

Tampa has a racially and ethnically diverse population of approximately

340,000 people, at roughly 3,035 people per square mile of land.

The City of Tampa is the economic hub of west central Florida. Its economy is

founded on a diverse base that includes tourism, agriculture, construction,

finance, health care, technology, and maritime industry.

The affordable transport of good and services is crucial to the business

community and to the economic well being of the region as a whole. Tampa’s

access to Interstate 4, Interstate 275, Interstate 75, the Veterans Expressway,

the Leroy Selmon Crosstown Expressway, Tampa International Airport, and the

the highly diversified, 5,000 acre Tampa Port are critical support structures to

the economic well-being of the region.

Port Tampa is an arterial transportation structure in the region and one of the

busiest ports in Florida. Port Tampa Bay's longstanding supremacy among

Florida ports is based largely on its leadership in handling of bulk and

break‐bulk cargos, including phosphate, steel and petroleum, as well as in the shipbuilding industry.

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Location map Hardee’s


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Location map Hardee’s


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2015 Est. Labor Population Age 16 Years or Over 9,744 18,434 65,861

2015 Est. Civilian Employed 42.8% 40.3% 37.8%

2015 Est. Civilian Unemployed 4.3% 4.2% 4.0%

2015 Est. in Armed Forces - - -

2015 Est. not in Labor Force 52.8% 55.5% 58.2%

2015 Labor Force Males 48.2% 48.1% 48.0%

2015 Labor Force Females 51.8% 51.9% 52.0%

2010 Occupation: Population Age 16 Years or Over 3,572 6,724 22,900

2010 Mgmt, Business, & Financial Operations 11.0% 10.1% 9.8%

2010 Professional, Related 19.3% 17.0% 16.7%

2010 Service 25.2% 26.7% 24.2%

2010 Sales, Office 25.2% 24.6% 27.2%

2010 Farming, Fishing, Forestry 1.7% 1.0% 0.7%

2010 Construction, Extraction, Maintenance 9.3% 10.3% 10.8%

2010 Production, Transport, Material Moving 8.4% 10.2% 10.6%

2010 White Collar Workers 55.5% 51.7% 53.7%

2010 Blue Collar Workers 44.5% 48.3% 46.3%

2010 Drive to Work Alone 81.8% 81.5% 80.9%

2010 Drive to Work in Carpool 9.7% 9.9% 9.5%

2010 Travel to Work by Public Transportation 0.4% 0.4% 0.4%

2010 Drive to Work on Motorcycle 0.1% 0.1% 0.7%

2010 Walk or Bicycle to Work 3.3% 2.1% 2.1%

2010 Other Means 1.5% 1.5% 1.4%

2010 Work at Home 3.2% 4.5% 5.1%

2010 Travel to Work in 14 Minutes or Less 35.1% 30.9% 27.2%

2010 Travel to Work in 15 to 29 Minutes 41.4% 44.0% 42.6%

2010 Travel to Work in 30 to 59 Minutes 14.3% 15.8% 21.9%

2010 Travel to Work in 60 Minutes or More 9.3% 9.3% 8.4%

2010 Average Travel Time to Work 20.6 20.2 21.2

2015 Est. Total Household Expenditure $241 M $453 M $1.55 B

2015 Est. Apparel $8.23 M $15.5 M $53.0 M

2015 Est. Contributions, Gifts $15.5 M $29.2 M $97.7 M

2015 Est. Education, Reading $8.59 M $16.1 M $52.9 M

2015 Est. Entertainment $13.3 M $25.1 M $85.3 M

2015 Est. Food, Beverages, Tobacco $37.5 M $70.6 M $243 M

2015 Est. Furnishings, Equipment $8.00 M $15.1 M $50.9 M

2015 Est. Health Care, Insurance $22.1 M $41.6 M $143 M

2015 Est. Household Operations, Shelter, Utilities $75.0 M $141 M $481 M

2015 Est. Miscellaneous Expenses $3.68 M $6.86 M $23.4 M

2015 Est. Personal Care $3.12 M $5.88 M $20.1 M

2015 Est. Transportation $45.9 M $86.4 M $296 M

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16 NE US Hwy 193 mi radius 5 mi radius 10 mi radius

Crystal River, FL 34429

2015 Estimated Population 11,144 21,106 75,870

2020 Projected Population 11,571 21,945 79,083

2010 Census Population 10,400 20,276 74,004

2000 Census Population 10,799 19,444 61,167

Projected Annual Growth 2015 to 2020 0.8% 0.8% 0.8%

Historical Annual Growth 2000 to 2015 0.2% 0.6% 1.6%

2015 Estimated Households 5,209 9,746 34,608

2020 Projected Households 5,225 9,784 34,835

2010 Census Households 4,765 9,185 33,165

2000 Census Households 4,766 8,359 27,042

Projected Annual Growth 2015 to 2020 0.1% 0.1% 0.1%

Historical Annual Growth 2000 to 2015 0.6% 1.1% 1.9%

2015 Est. Population Under 10 Years 7.8% 7.6% 7.9%

2015 Est. Population 10 to 19 Years 8.6% 8.8% 8.9%





2015 Est. Population 75 Years or Over 16.0% 16.2% 16.5%

2015 Est. Median Age 53.3 54.2 53.9

2015 Est. Male Population 48.5% 48.5% 48.2%

2015 Est. Female Population 51.5% 51.5% 51.8%

2015 Est. Never Married 22.0% 20.9% 18.8%

2015 Est. Now Married 47.6% 51.6% 53.4%

2015 Est. Separated or Divorced 20.1% 17.8% 17.5%

2015 Est. Widowed 10.2% 9.7% 10.3%

2015 Est. HH Income $200,000 or More 2.7% 2.7% 1.9%

2015 Est. HH Income $150,000 to $199,999 1.8% 2.3% 1.8%

2015 Est. HH Income $100,000 to $149,999 11.0% 9.6% 7.9%

2015 Est. HH Income $75,000 to $99,999 9.6% 10.6% 9.3%

2015 Est. HH Income $50,000 to $74,999 16.1% 16.4% 18.0%

2015 Est. HH Income $35,000 to $49,999 11.9% 13.9% 15.5%

2015 Est. HH Income $25,000 to $34,999 15.1% 13.6% 14.9%

2015 Est. HH Income $15,000 to $24,999 15.7% 14.3% 13.7%

2015 Est. HH Income Under $15,000 16.1% 16.7% 17.1%

2015 Est. Average Household Income $54,740 $55,164 $51,938

2015 Est. Median Household Income $42,519 $44,113 $41,214

2015 Est. Per Capita Income $25,686 $25,556 $23,782

2015 Est. Total Businesses 972 1,458 3,209

2015 Est. Total Employees 7,074 11,076 24,156

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16 NE US Hwy 193 mi radius 5 mi radius 10 mi radius

Crystal River, FL 34429

Demographics Hardee’s


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Documents

Investment OFFERING | $1,740,000 · PDF fileHARDEE’S | Hardee’s is an American restaurant chain, ... SITE PLAN Hardee’s 16 NE US HWY 19, Crystal River, FL 6 . Location overview