Carl’s Jr.
Interested in selling your Carl’s Jr. NNN property or Carl’s Jr. ground lease property and wondering what you can get for it in today’s changing market?
Contact us for a complimentary broker opinion of value for your off-market Carl’s Jr. NNN property for sale or Carl’s Jr. ground lease property for investment, specifically tailored to support your 1031 exchange requirements. This valuable assessment will provide you with the clarity needed to make informed decisions regarding the sale of your Carl’s Jr. NNN property or the inclusion of a Carl’s Jr. ground lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market Carl’s Jr. properties, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.
Number of locations
As of 2025, Carl’s Jr. operates approximately 1,000–1,100 locations across the United States and more than 3,800+ combined Carl’s Jr. / Hardee’s restaurants worldwide under its parent company, CKE Restaurants.
Revenue and income
Carl’s Jr. is owned by CKE Restaurants, a private company (not publicly traded). Full financials are not publicly released, but key insights include:
Company Highlights
CKE generates billions in annual systemwide sales across Carl’s Jr. and Hardee’s.
Carl’s Jr. units typically show strong average unit volumes (AUVs), especially in Western U.S. markets.
High-margin products such as:
charbroiled burgers
loaded fries
signature breakfast items
support solid unit economics.
Strengths benefiting store-level revenue:
Heavy drive-thru traffic
Late-night operating hours
Loyal customer base
Strong digital ordering adoption
Continuous menu innovation
Future plans
Big growth initiatives
1. Expansion in the Western, Southwestern & International Markets
Carl’s Jr. continues expanding through franchise development agreements across:
California
Arizona
Texas
Mexico
Australia
Middle East
New prototype stores support modern QSR demand.
2. Upgraded restaurant image + new store prototypes
Carl’s Jr. is actively rolling out:
modernized exteriors
upgraded digital menuboards
more efficient kitchen layouts
new dining-room and drive-thru designs
These prototypes improve drive-thru throughput and reduce labor cost per transaction.
3. Strategic menu innovation
Carl’s Jr. focuses on:
premium charbroiled burgers
value-focused combo offerings
breakfast expansion
limited-time items (LTOS)
better-for-you menu products
These initiatives drive traffic and higher average ticket values.
4. Digital growth + loyalty expansion
Carl’s Jr. continues investing in:
mobile app improvements
digital loyalty program expansion
delivery partnerships (DoorDash, Uber Eats, etc.)
AI-enabled drive-thru pilot testing
Digital channels are becoming a major revenue driver.
5. Franchise-driven growth model
The company is heavily franchise-operated, enabling:
rapid scalable expansion
lowered corporate operating costs
consistent performance across regions
strong long-term lease commitments
Corporate vs. franchise
Carl’s Jr. was founded in 1941 in California by Carl Karcher.
Today:
Parent Company: CKE Restaurants Holdings
Ownership: Privately held, formerly held by Roark Capital
Corporate vs. Franchise:
The vast majority of Carl’s Jr. restaurants are franchise-operated.
Franchise structure advantages:
Strong franchisee operators
Increased credit stability in many cases
Long-term leases with corporate/franchise guarantees
Multiple multi-unit operators with decades-long history
Additional Information About Carl’s Jr. Properties
Carl’s Jr. is known for:
Charbroiled burgers
Strong breakfast daypart
Drive-thru heavy operations
Consistent Western U.S. dominance
High brand recognition
Property characteristics often include:
Drive-thru focused layouts
2,000–3,500 sq. ft. typical building size
Strong corner/retail corridor visibility
High-traffic suburban intersections
Site benefits for NNN investors:
Stable QSR traffic
Small footprint = high utilization
Value-focused retrofit opportunities
Strong repeat customer base
Carl’s Jr. History
Carl’s Jr. began in 1941 when Carl Karcher and his wife opened a hot dog cart in Los Angeles. In 1945, the first full-service restaurant opened, and by 1956 the first “Carl’s Jr.” location was introduced.
Through the 1970s–1990s, Carl’s Jr. expanded across the West, becoming a dominant regional burger chain. In the 1990s, CKE Restaurants acquired Hardee’s, forming one of the largest burger chains in the U.S.
Over the last decade, Carl’s Jr. has pursued aggressive modernization with:
new branding
updated store prototypes
improved menu strategy
franchising expansion
international growth
By 2025, the brand remains a strong performer in the QSR burger segment.
Why Invest in Ground Lease and NNN Lease of Carl’s Jr.
Investing in Carl’s Jr’s ground lease and triple net (NNN) lease properties offers compelling reasons:
1) Carl’s Jr. NNN Property Investment: Strong Drive-Thru + High Traffic Model
With most sales coming from drive-thru, Carl’s Jr. stores typically produce consistent daily traffic and strong throughput.
2) Carl’s Jr. NNN Property Investment: Strong franchise operator base
Many Carl’s Jr. locations are operated by large multi-unit franchisees with:
long operating histories
strong financial backing
multi-market portfolios
This enhances creditworthiness for landlords.
3) Carl’s Jr. NNN Property Investment: Passive investment structure
Most Carl’s Jr. leases are:
NNN
Absolute NNN
Ground lease
This allows hands-off, passive income with long-term lease terms.
4) Carl’s Jr. NNN Property Investment: Valuable real estate locations
Carl’s Jr. chooses high-visibility corners and busy retail corridors with:
commuter-heavy traffic
strong daytime population
established QSR trade areas
This supports long-term real estate value.
5) Carl’s Jr. NNN Property Investment: Regional brand strength
Carl’s Jr. has exceptional brand dominance in key Western U.S. markets where QSR demand is high.
Pros and Cons of Carl’s Jr. Ground Lease and NNN Lease Investment
Pros:
Strong brand recognition, especially in the West
High-volume drive-thru model
Mostly franchise-operated with experienced operators
Passive NNN or ground lease structures
Attractive real estate fundamentals in strong retail corridors
Consistent burger + breakfast sales throughout the year
Cons:
Competition from McDonald’s, Burger King, Wendy’s, In-N-Out, and regional players
Performance depends on franchisee quality & stability
Some older stores may require modernization
Consumer preferences shifting toward healthier options
Economic downturns can affect discretionary food spending
Key areas to evaluate:
Franchisee financial strength and guarantee
Lease structure (NNN vs. absolute NNN vs. ground lease)
Traffic counts & local demographics
Market competition
Drive-thru accessibility and site visibility
Rent escalations and renewal options
Store sales performance (if available)
Consult experienced real-estate professionals and financial advisors to ensure any Carl’s Jr. NNN or ground lease property aligns with your long-term portfolio strategy, 1031 exchange goals, and risk tolerance.
MarketWatch: Carl’s Jr.
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