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Exclusive OFFERING|$2,244,000 - 6.50% CAP 

HARDEE’S 

630 BUFORD DRIVE, LAWRENCEVILLE, Ga - METRO ATLANTA 

EXP DALLAS 

214.522.7200 

JOE CAPUTO 

joe@exp1031.com 

BOB MOORHEAD 

bob@exp1031.com 

property. Brand new construction. Projected rent commencement July 2013. Relocation of strong performing Hardee’s at Highway 316 and Buford Drive. 

tenant. Hardee’s. Franchisee: Biscuits and Burgers, L.L.C., operates 99 Hardee’s and Carl’s Jr. locations | 40+ years of restaurant and real estate experience 

lease structure. Brand new, 20-year, NNN lease with 7.5% rent increases every 5-years. 

location. Located at the heavily travelled corner of Buford Drive (30,280 Cars / Day) and Hurricane Shoals Road (19,991 Cars / Day). Buford Drive is one of 

Lawrenceville’s main arterial road and carries significant traffic volumes from Georgia Highway 316 (71,997 Cars / Day). The site is 0.5-miles east of the 

Lawrenceville Crossings (368,757 SF) shopping center; anchored by Walmart Supercenter and Kohl’s. 2.0-miles east of Home Depot and Target anchored 

Lawrenceville Market (704,480 SF). Other nearby retailers: Chik-fil-A, Wells Fargo, Burger King, CVS, Bank of America, Papa John’s, Family Dollar, McDonald’s, 

and Waffle House. Average household income in 3-mile radius: $95,181.

Table of contents | Disclaimer 

Hardee’s 


PAGE 1: COVER 

PAGE 2: TABLE OF CONTENTS | DISCLAIMER 

PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW 

PAGE 4: TENANT ARTICLE 

PAGE 5: SITE PLAN 

PAGE 6-7: PROGRESS PHOTOS 

PAGE 8: AERIAL PHOTO 

PAGE 9: LOCATION OVERVIEW 

PAGE 10-11: LOCATION MAPS 

PAGE 12: DEMOGRAPHICS 

Rep REP Photo PHOTO 

Disclaimer 

EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the 

property located at the 630 Buford Drive, Lawrenceville, GA 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. 

2

Investment overview 

Hardee’s 


PRICE: $2,244,000 

CAP RATE: 6.50% 

NET OPERATING INCOME: $145,800 

BUILDING AREA: 2,854+ Square Feet 

LAND AREA: 1.30+ Acres 

YEAR BUILT: 2013 

OWNERSHIP: Fee Simple Interest 

OCCUPANCY: 100% 

Tenant overview 

Biscuits and Burgers L.L.C., a Georgia limited liability company dba Hardee’s 

Lease overview 

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

Projected Rent Commencement: July 2013 

Projected Lease Expiration: July 2033 

Lease Type: Absolute NNN 

Rent Increases: 7.5% in Lease Year 6 & Escalating Every 5-Yrs. 

Year 1-5 Annual Rent (Current): $145,800 

Year 6-10 Annual Rent: $156,735 



Year 21-25 Annual Rent (Option 1): $194,711 




BISCUITS AND BURGERS, LLC 

The operator behind Biscuit and Burgers, LLC (Tenant), Rosenfield Restaurants, LLC, is currently the 2nd Largest Hardee’s/Carl’s Jr. franchisee operating 102 

Hardee’s/Carl’s Jr. locations in 8 states. Additionally, Biscuit and Burgers, LLC is the preferred Hardee’s franchisee for the state of Georgia. Rosenfield 

Restaurants, LLC has over 35 years of restaurant experience / 21 years as a Hardee’s/Carl’s Jr. operator, additionally, operating Pizza Hut, Taco Bell, Dunkin 

Donuts, and Jersey Mike Subs across the country. The franchisee had $110 million in revenue in 2012. 

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 5 

SUBJECT PROPERTY 

PRIOR TO PANDA EXPRESS EXPANSION 

th 

largest fast-food restaurant chain in the United States after Subway, McDonald’s, Burger King and Wendy’s. 

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 2010 CKE Restaurants, Inc. was purchased by the private equity firm Apollo Management. The company’s 

business strategy focuses on strengthening its competitive position, growing same-store sales, enhancing profitability of both the Carl’s Jr. and Hardee’s concepts, 

and differentiating the Carl’s Jr. and Hardee’s brands from the brands of competitors. The company had $1.28 billion in revenue in 2012. 

3

tENANT ARTICLE 

Hardee’s 


Source: http://www.jerseymikes.com/news/read.php?id=361 

Jersey Mike’s Continues Expansion with Industry Veterans 

August 18, 2011 

Jersey Mike’s Subs has signed multi-unit development agreements with restaurant industry veterans Steve Rosenfield and Linda Nash Rosenfield who currently own and 

operate 99 Carl’s Jr. and Hardee’s Restaurants throughout the country, and Terry Nordenstrom, a former 30-year Domino’s Pizza franchisee. This supports the sub chain’s 

strategy to expand in select U.S. markets with franchise partners who have track records of building strong brands and are committed to the company’s focus on product 

and service excellence. Mr. Rosenfield and Ms. Nash Rosenfield plan to open 10 Jersey Mike’s units in the Phoenix area in the next 5 years as part of their Rosenfield 

Restaurants group. The first unit is expected to open by the end of the year. Mr. Nordenstrom plans to open and operate 10 restaurants in the West Houston area. “I 

was first a fan of the Jersey Mike’s concept as a consumer,” said Mr. Rosenfield, who also plans to expand into other markets. “Management, product, profitability and 

consumer reaction are all the important points I look for – and Jersey Mike’s scored high on all those. Linda and I are totally committed – it’s full steam ahead.” 

Principal and president of the Rosenfield Restaurants, Mr. Rosenfield has 40+ years of restaurant and real estate experience: He started his career at the age of 18 and 

previously he was a franchisee with McDonalds, Burger King (14 years) and Tony Roma’s in Southern California. Currently he is a franchisee of Carl Karcher Enterprises 

(CKE) operating the Carl's Jr. and Hardees brands in several states. His expertise is in the strategic financial and operational turnaround of restaurant portfolios, as noted 

in his first Hardees acquisition in Montana/Wyoming – this DMA now boasts the highest average unit sales volume in the entire Hardees system. 

Ms. Nash Rosenfield is Vice President of Legal Affairs and Business Development at Rosenfield. She has 30 years of experience as CEO and Vice President in the Medical 

Device Industry for multibillion dollar corporations. She also worked in the mergers and acquisitions team at several companies, as well as Rosenfield Restaurants. 

Another experienced foodservice operator, Mr. Nordenstrom built and operated 28 Domino’s Pizza stores in six Midwest states and opened the first Domino’s locations 

in both North & South Dakota. He has won multiple Domino’s franchise awards for sales, operational excellence, and customer service, and was the 1999 Entrepreneurial 

Success Award winner for North Dakota, presented by the Small Business Administration. “I met Peter Cancro [Jersey Mike’s Founder] and was impressed by his 

commitment to quality products, service and supporting the local community,” said Mr. Nordenstrom. “Jersey Mike’s subs are best in class and I am excited to work with 

a company that is perceived as having such a high quality product.” From 2005-2008, Mr. Nordenstrom served as a board member and chairman of the Board of Domino’s 

Franchisee Association. He was also appointed by the city of Fargo Mayor to the position of Planning Commissioner from 2003-2008. “We are excited to partner with 

Steve, Linda and Terry to grow the Jersey Mike’s brand,” said Brian Sommers, Franchise Development, Jersey Mike’s Franchise Systems. “They are outstanding operators 

with multi-unit experience who are passionate about the brand, care about their local communities, and understand the value of a proven system. The combination of 

attracting proven operators throughout the QSR industry, and growing with franchisees within our own system continues to strengthen our brand.” This year, the 

company has also awarded 15 existing franchisees an additional 50 locations in 10 markets. 

4

SITE PLAN 

Hardee’s 


5

Progress photo 

Hardee’s 


Construction Progress 

6/6/2013 

6

Progress photo 

Hardee’s 


Construction Progress 

6/6/2013 

7

Aerial photo 

Hardee’s 


Lawrenceville Market 

Lawrenceville Crossings 

Phoenix 

High School 

Buford Drive (32,280 Cars / Day) 

Former Hardee’s Location 

Gwinett County 

Airport 

8

Location overview 

Hardee’s 


IMMEDIATE TRADE AREA 

Hardee’s is strategically located at the heavily travelled corner of Buford Drive 

(30,280 Cars / Day) and Hurricane Shoals Road (19,991 Cars / Day). Buford Drive 

is one of Lawrenceville’s main arterial road and carries significant traffic volumes 

from Georgia Highway 316 (71,997 Cars / Day). The subject property’s location on 

the going home side of Georgia Highway 316 provides convenient access for 

evening commuters. The site also has the advantages of being the only quickservice 

restaurant located along Buford Drive south of Georgia Highway 316 and a 

location in a strong retail trade area. The Georgia Department of Transportation is 

currently planning to build a new Georgia Highway 316 off ramp that will place the 

subject property at the foot of this addition. The construction of a Race Trac gas 

next to the subject property will further enhance the site’s ability to capture local 

traffic. 

The subject property is 0.5-miles east of the Lawrenceville Crossings (368,757 SF) 

shopping center. This complex is anchored by a Walmart Supercenter, has Kohl’s 

as a co-anchor tenant, and includes a Gamestop outparcel. Hardee’s is also 2.0miles 

east of Home Depot and Target anchored Lawrenceville Market (704,480 SF) 

shopping center. Additional retailers in Lawrenceville Market include Marshalls, 

Hobby Lobby, an AMC Theatres 18-screen movie theater, Chili’s, and Panera 

Bread. A Publix Supermarket, Staples, Longhorn Steakhouse, and Mellow 

Mushroom are located across from Lawrenceville Market. Additional nationally 

known tenants representing a wide breadth of industries such as Chik-fil-A, Wells 

Fargo, Burger King, CVS, Bank of America, Papa John’s, Family Dollar, 

McDonald’s, and Waffle House are also located near the site. The site is also 1.3miles 

southeast of Georgia Gwinnett College (8,400 Students). Phoenix High 

School (490 Students) is located 1.7-miles southwest of Hardee’s. 

The residential area surrounding the subject property is made up of mostly 

established single family home neighborhoods. The average annual household 

income within a 3-mile radius of the subject property is $95,181. The residential 

population within a 3-mile radius has grown 23.6% between 2000 and 2010. This 

growth is expected to continue with a 6.7% increase between 2010 and 2015. 

Consumer spending on food away from home is projected to grow by 11.4 % within 

3-miles of the site during the same 5-year period. 

LAWRENCEVILLE, GA / GWINNETT COUNTY 

Lawrenceville, GA is a city in and the county seat of Gwinnett County (Population: 

805,321). Lawrenceville currently has a population of 28,546 and has a sustained 

history of brisk growth. The city’s population increased by 27.5% in the 2000s and 

has met or exceed that number in every decade since the 1960s. Gwinnet County 

has undergone comparable growth, adding 36.9% to its population in the 2000s. 

County population has grown at a minimum of 34.7% since the 1960s. A key driver 

to recent growth in Gwinnett County has been the Research and Development 

Corridor along Highway 316 between Norcross and Lawrenceville. This 

development has drawn numerous global corporations to the area. Cisco Systems 

currently maintains significant operations near Lawrenceville. Atlanta Biologicals is 

also based there. Norcross is also home to the Siemens International southeast 

regional office and Saab USA. Federal Express is planning to construct a 50 acre 

distribution site in Norcross. NCR Corporation is headquartered in nearby Duluth. 

Both Norcross and Duluth are immediately west of Lawrenceville. 

ATLANTA-SANDY SPRINGS-MARIETTA, GA MSA 

The Atlanta metropolitan area, or metro Atlanta, is officially designated by the 

United States Census Bureau as the Atlanta-Sandy Springs-Marietta Metropolitan 

Statistical Area, and is the most populous metro area in the U.S. state of Georgia 

and the9th largest metropolitan statistical area (MSA) in the United States. In 

addition to Atlanta, Georgia's capital and largest city, the Atlanta metropolitan area 

spans 28 counties in north Georgia and has a total 2010 population of 5,268,860, a 

28.13% increase from 2000. With a gross metropolitan product of $270 billion, 

Atlanta's economy ranks 15 th among world cities and 6 th in the nation. As such, a 

Globalization and World Cities Study Group and Network at Loughborough 

University has labeled the metro Atlanta area as an “Alpha- World City” based on 

how the city externally impacts the world through advanced producer services in 

accountancy, advertising, banking, finance, and law . 

Several major national and international companies are headquartered in metro 

Atlanta such as The Coca-Cola Company; Home Depot; United Parcel Service; 

Delta Air Lines; AT&T Mobility; and Newell Rubbermaid. 4 of these companies have 

Fortune 100 status. Other major corporate headquarters in Atlanta and around the 

metro area include Arby's, Chick-fil-A, Earthlink, Equifax, First Data, Gentiva Health 

Services, Georgia-Pacific, NCR, Oxford Industries, RaceTrac Petroleum, Southern 

Company, Mirant, and Waffle House. The MSA also has a sizable financial sector. 

The Federal Reserve has its district headquarters in Atlanta and Sun Trust, the 7 th 

largest bank in the U.S. by assets, held is based there. The metro area is a major 

transportation hub, too. Hartsfield–Jackson Atlanta International Airport, the world’s 

busiest airport, is located 7 miles south of the Atlanta central business district. 

Interstate 75, which extends from Tampa, FL north to Canada, passes through the 

center of the city. Interstates 85 and 20 also intersect in Atlanta. These amenities 

have lured corporations such as Ford Motor Company, Publix, Kellog’s, Toys r Us, 

Office Depot, and GE Appliance to locate major distribution centers in the area, and 

in the outside of Atlanta. 

9

Location map 

Hardee’s 


10

Location map 

Hardee’s 


11

Demographics 

Hardee’s 


Demographic snapshot 

Radius 1 Mile 3 Mile 5 Mile 

Population: 

2015 Projection 7,318 72,351 183,009 

2010 Estimate 6,943 67,797 167,141 

2000 Census 5,964 54,871 121,407 

Growth 2010-2015 5.40% 6.70% 9.50% 

Growth 2000-2010 16.40% 23.60% 37.70% 

2010 Households: 

2015 Projection 2,093 23,242 58,906 

2010 Estimate 2,009 21,836 53,896 

2000 Census 1,759 17,874 39,491 

Growth 2010-2015 4.20% 6.40% 9.30% 

Growth 2000-2010 14.20% 22.20% 36.50% 

Owner Occupied 693 14,890 42,699 

Renter Occupied 1,317 6,945 11,197 

2010 Avg Household Income $74,409 $95,181 $99,994 

2010 Med Household Income $64,292 $81,602 $85,575 

2010 Per Capita Income $29,573 $31,590 $32,520 

2010 Households by Household Inc: 

Income Less than $15,000 192 1,015 1,979 

Income $15,000 - $24,999 156 869 1,550 

Income $25,000 - $34,999 157 908 1,791 

Income $35,000 - $49,999 277 2,162 4,604 

Income $50,000 - $74,999 406 4,563 11,346 

Income $75,000 - $99,999 364 4,161 11,124 

Income $100,000 - $149,999 338 5,343 14,205 

Income $150,000 - $249,999 89 2,393 6,093 

Income $250,000 - $499,999 29 384 1,052 

Income $500,000 or more 3 40 152 

Downtown Atlanta, Fort GA Worth, Skyline TX 

Saab Alliance USA, Norcross, Town Center GA 

12

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