214.915.8890
BOB MOORHEAD
JOE CAPUTO
RUSSELL SMITH
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
16 NE US HWY 19, Crystal River, FL
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
16 NE US HWY 19, Crystal River, FL
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 11-15 Annual Rent: $121,000
Year 16-20 Annual Rent: $133,100
Year 21-25 Annual Rent (Option 1): $146,410
Lease overview
Year 26-30 Annual Rent (Option 2): $161,051
Year 31-35 Annual Rent (Option 3): $177,156
Year 36-40 Annual Rent (Option 4): $194,871
Right of First Refusal: Yes
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Aerial photo Hardee’s
16 NE US HWY 19, Crystal River, FL
Crystal River
Middle School
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Crystal River
Primary School
Crystal
River
Crystal River
High School
SITE PLAN Hardee’s
16 NE US HWY 19, Crystal River, FL
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Location overview Hardee’s
16 NE US HWY 19, Crystal River, FL
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
16 NE US HWY 19, Crystal River, FL
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Location map Hardee’s
16 NE US HWY 19, Crystal River, FL
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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 20 to 29 Years 8.9% 8.2% 8.2%
2015 Est. Population 30 to 44 Years 11.3% 11.2% 11.7%
2015 Est. Population 45 to 59 Years 22.5% 22.1% 19.8%
2015 Est. Population 60 to 74 Years 24.9% 25.9% 26.8%
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
16 NE US HWY 19, Crystal River, FL
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