Retail, Retail – Free Standing - Paris, IL
Subject property was originally a build to suite for Hardee’s corporate in 1973 with an original 20 year lease and 4 – 5 Year options. Currently Hardee’s has 1 year left on their current lease term and one remaining 5 Year option. Hardee’s currently pays $22,000 per year Absolute NNN plus a percentage rent of 2.5% of sales in excess of $300,000 and 1% of sales in excess of $500,000. Hardee’s has made recent updates to the building. Total rent has increased has increased over the years. Hardee’s Food Systems, Inc. operates and franchises quick-service restaurants in the United States and internationally. It offers breakfast products, such as sides and drinks, biscuits, and others; burgers; sandwiches and hand-breaded chicken; sides, including French fries, crispy curls, onion rings, side salads, and BBQ and dipping sauces; desserts that include chocolate chip cookies and apple turnovers; beverages comprising soft drinks, shakes and malts, and others; and burritos, tacos, condiments, and other items. Hardee’s Food Systems, Inc. was formerly known as Hardee’s Drive-Ins, Inc. and changed its name to Hardee’s Food Systems, Inc. in May, 1961. The company was founded in 1960 and is based in St. Louis, Missouri. Hardee’s Food Systems, Inc. operates as a subsidiary of CKE Restaurants, Inc. In April 1997, CKE Restaurants Holdings, Inc., the parent company of Carl’s Jr., paid $327 million to Montreal-based Imasco Limited for Hardee’s. The merger created a chain of 3,828 restaurants – 3,152 Hardee’s outlets in 40 states and 10 foreign countries and 676 Carl’s Jr. outlets, primarily in California. CKE Restaurants, Inc. owns, operates and franchises some of the most popular brands in the quick-service restaurant industry, including the Carl’s Jr.®, Hardee’s®,Green Burrito® and Red Burrito® restaurant brands. The CKE system includes more than 3,300 restaurant locations in 42 states and in 28 countries. CKE is headquartered in Carpinteria, California.
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