Michelle Napoli is editor of Net Lease forum, from which this article is excerpted.

Rocky Mount, NC—Locally based Boddie-Noell Enterprises Inc., the largest franchisee of Hardee's fast-food restaurants, purchased 34 Hardee's locations from the chain's parent company CKE Restaurants Inc. Boddie-Noell now owns 343 Hardee's in four states. Terms of the sale were not disclosed.

Carpinteria, CA-based CKE announced plans this past spring to sell more than 200 Hardee's in the Midwest and Southeast to franchisees. So far, it has sold 80 restaurants and secured agreements for the development of 38 new franchise locations as part of the initiative. It closed the sale of 18 restaurants in Iowa and Nebraska in July to a new franchisee, Westar Foods, which also agreed to develop five new locations within the next six years. It also sold 18 Atlanta area restaurants this year to Biscuits and Burgers LLC, which plans to build 25 new Hardee's within seven years.

The most recent sale to Boddie-Noell--a privately held company formed in 1962 with one of the earliest Hardee's franchises--involves restaurants in North Carolina locales including Durham, Goldsboro, Raleigh and Rocky Mount. The company also agreed to develop eight new Hardee's in North Carolina in the next five years.