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Vacant QSR | Strong Value-Add 203 N Main St
3,081 SF Vacant Retail Building Online Auction Sale Pearson, GA 31642
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Investment Highlights
- Vacant 3,081-square-foot former Hardee's located in a rural Georgia town with no other national fast-food operations for 30+ miles.
- Asset is located on the primary north-south arterial (5,500+ VPD) for Pearson & just two blocks from the primary east-west arterial (5,900+ VPD).
- Nearby amenities include Dollar General, DG Market, The Witches Brew, Country Cabin Steak House, Julie's Mexican Restaurant, and Circle K.
- Property has a single-lane drive-thru, 48 surface-level parking spaces, well-maintained landscaping, some commercial kitchen equipment, and more.
- Food and alcohol spending comprise over 25% of the $96.1M in total specified consumer spending for the 10-mile radius, which has over 9,800 residents.
Executive Summary
Retail Specialists LLC is pleased to exclusively present a rare value-add investment opportunity to acquire a vacant former Hardee's location with strong operational upside and a highly desirable location in the heart of Pearson, Georgia. 203 N Main Street is a 3,081-square-foot freestanding quick-service restaurant (QSR) asset with a drive-thru lane. The property was delivered in 1994 on a spacious 0.85-acre lot with flexible GC (general commercial) zoning and approximately 48 surface-level parking spaces for employees and patrons. 203 N Main Street is equipped with a single-lane drive-thru and has some existing commercial kitchen equipment, a spacious dining area, multiple restrooms, and ample natural light from the abundance of windows.
The asset is well-positioned along N Main Street/future U.S. Highway 221 (5,500+ VPD), a primary north-south arterial for the Pearson area. 203 N Main Streets sits just two blocks from Pearson's primary east-west arterial, Albany Avenue/Future US Highway 82 (5,900+ VPD). This asset is the only traditional quick-service restaurant located within the town limits for Pearson, making it a highly desirable asset that will surely cater well to the town. The surrounding 10-mile population contains over 9,800 residents with total specified consumer spending above $96.1 million annually. Over 25% of that total spending goes to food and alcohol, suggesting a quick-service restaurant operation will fare well at this location.
203 N Main Street is a prime investment opportunity to acquire a vacant quick-service restaurant with strong value-add potential.
The asset is well-positioned along N Main Street/future U.S. Highway 221 (5,500+ VPD), a primary north-south arterial for the Pearson area. 203 N Main Streets sits just two blocks from Pearson's primary east-west arterial, Albany Avenue/Future US Highway 82 (5,900+ VPD). This asset is the only traditional quick-service restaurant located within the town limits for Pearson, making it a highly desirable asset that will surely cater well to the town. The surrounding 10-mile population contains over 9,800 residents with total specified consumer spending above $96.1 million annually. Over 25% of that total spending goes to food and alcohol, suggesting a quick-service restaurant operation will fare well at this location.
203 N Main Street is a prime investment opportunity to acquire a vacant quick-service restaurant with strong value-add potential.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Fast Food
Building Size
3,081 SF
Building Class
C
Year Built
1994
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.85 AC
Zoning
GC - Commercial
Amenities
- Dedicated Turn Lane
- Pylon Sign
- Signage
- Drive Thru
- Air Conditioning
About Statesboro
Statesboro, Georgia, is located on the Interstate 16 corridor just 45 minutes from Downtown Savannah and the Savannah Port, one of the nation’s busiest. The town of about 32,000 people is the county seat of Bulloch County. Bulloch and neighboring Bryan counties have seen some of the fastest population growth in Georgia over the past decade, adding more than 25,000 people between the 2010 and 2020 counts by the U.S. Census Bureau.
A thriving industrial sector supports retail spending in the area. Major employers such as Briggs and Stratton engine maker, Great Dane refrigerated trailer manufacturer, and Walmart’s massive 1 million-square-foot distribution center provide thousands of jobs for area workers. The education and health sectors are also vibrant here. Georgia Southern University offers more than 66 undergraduate degree programs to its 26,000 students on its Statesboro Campus, and East Georgia Regional Medical Center is a regional healthcare hub.
Downtown revitalization and visitor attraction are priorities for local leaders. Developers are working to transform 75 acres near Downtown Statesboro into the “Creek on the Blue Mile,” a revitalized flood plain project adding nature trails, pavilions, and fishing and kayaking opportunities.
Population growth in Statesboro has attracted new brands to the market. Florida-based grocer Publix has plans to open its first Statesboro location in 2022.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
1,473
2,365
3,663
2020 Population
1,577
2,494
3,798
2029 Population
1,450
2,335
3,630
2024-2029 Projected Population Growth
-1.6%
-1.3%
-0.9%
Daytime Employees
828
1,108
1,127
Total Businesses
123
158
164
Average Household Income
$52,040
$53,152
$54,409
Median Household Income
$37,899
$38,868
$39,736
Total Consumer Spending
$13.2M
$21.6M
$34.2M
Median Age
36.8
36.6
36.6
2024 Households
535
858
1,324
Percent College Degree or Above
6%
6%
6%
Average Home Value
$106,732
$109,427
$115,224
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | P011031 | Improvements Assessment | $172,530 |
| Land Assessment | $3,400 | Total Assessment | $175,930 |
PROPERTY TAXES
Parcel Number
P011031
Land Assessment
$3,400
Improvements Assessment
$172,530
Total Assessment
$175,930
Sale Advisors
Sale Advisors
Walker Reich, Associate of Leasing and Brokerage
(205) 490-2823
Contact
Walker is involved in providing real estate strategy and account management to clients. He works closely with the Brokerage team to bring new retail and restaurant clients to specific developments.
Additionally, Walker manages a number of properties throughout the Southeast working as a liaison between the property owner, the property management team, and the leasing agent. He’s responsible for all tenant and shopping center owner relations, supporting the team with leasing, renewals, new tenant coordination, and reporting.
Additionally, Walker manages a number of properties throughout the Southeast working as a liaison between the property owner, the property management team, and the leasing agent. He’s responsible for all tenant and shopping center owner relations, supporting the team with leasing, renewals, new tenant coordination, and reporting.
Joe Strauss, Associate Broker
(205) 490-2831
Contact
Joe Strauss is an associate for Retail Specialists, joining the team in 2014. He started his career working in commercial real estate when he was a college student at the University of Alabama. After graduation, he began working in property management and went on to receive his real estate license. Joe has successfully recruited national and regional retailers to cities in 20 states. He represents retailers and landlords throughout the country. Joe is experienced in working with multiple REITs, specializing in dispositions for their vacant properties all over the country.
Joe holds a bachelor’s degree in finance with a concentration in real estate. He received his CCIM, Certified Commercial Investment Member in 2019. Born and raised in Columbia, South Carolina he enjoys going to the lake, playing golf, and making it back to Tuscaloosa to watch Alabama football.
Joe holds a bachelor’s degree in finance with a concentration in real estate. He received his CCIM, Certified Commercial Investment Member in 2019. Born and raised in Columbia, South Carolina he enjoys going to the lake, playing golf, and making it back to Tuscaloosa to watch Alabama football.
Clay Craft, Associate
(205) 588-6568
Contact
He handles listings throughout the Southeast and Midwest. He also focuses on real estate disposition for a variety of REITs.
Clay’s years of experience bridging the gap between the public and private sectors make him uniquely qualified to make real estate deals happen. He has a passion for community development and is attracted to projects that are oftentimes overlooked by others. He is a licensed real estate professional and a member of ICSC.
Clay’s years of experience bridging the gap between the public and private sectors make him uniquely qualified to make real estate deals happen. He has a passion for community development and is attracted to projects that are oftentimes overlooked by others. He is a licensed real estate professional and a member of ICSC.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X Commercial, LLC Jessica Anne Figueroa RE Brkr 75044. Ten-X Commercial, LLC Arlene Richardson Auction Firm AU003185
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Vacant QSR | Strong Value-Add | 203 N Main St
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