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Krispy Kreme Corporate Ground Lease, Murfreesboro, TN

Krispy Kreme Corporate Ground Lease

Price $3,788,600
Cap Rate
NOI
Lease Term 20 Years
Lease Type Absolute NNN Ground Lease, with the Tenant Responsible for Taxes, Insurance, and All Maintenance and Repair
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2018
Building Size 3,200 SF
Lot Size 1.61 Acres (69,931 SF)
Status Closed
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

LONG-TERM ABSOLUTE NNN CORPORATE GROUND LEASE
» Leased to Krispy Kreme for 20 years, plus three five-year option periods
» Absolute NNN ground lease requires no landlord management, ideal for an outof-area investor
» 10% rental increases every five years, providing a hedge against inflation
» Large parcel – 1.61 acres

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 34,983 vehicles per day on Medical Center Parkway, a major commercial corridor
» Located between Medical Center Parkway’s signalized intersections with Robert Rose Drive (25,331 AADT) and North Thompson Lane (25,403 AADT)
» Immediate access to Interstate 24, which connects Murfreesboro to Nashville and has a high traffic count of 113,248 vehicles per day near the property
» Flanked by The Avenue Murfreesboro—an open-air lifestyle center with over 100 boutiques, eateries, and big-box stores—and The Oaks, a 32-acre development with prominent retailers like Marshalls, Ross, Stein Mart, and Ashley HomeStore

PROMINENT LOCATION IN GATEWAY BUSINESS DISTRICT
» Centrally located in the Gateway area, a thriving business, residential, retail, and healthcare district
» Outparcel to Robert Rose Village East, a mixed-use development slated to include a 255-unit apartment complex and a number of commercial businesses
» Within walking distance of the 286-bed Saint Thomas Rutherford Hospital, which has 1,400 employees

RAPIDLY GROWING AREA WITH STRONG CUSTOMER BASE
» Between 2010 and 2018, the population within one mile of the property increased by more than 65%, and is expected to grow another 23.5% by 2023
» Supported by a large customer base, with 124,240 residents living within a five mile radius



Property Description

SOLD

Krispy Kreme Doughnuts, Inc. is an American doughnut company and coffeehouse chainfounded in 1937 and headquartered in Winston-Salem, North Carolina. Krispy Kreme sells a variety of freshly made doughnuts, as well as hand-crafted espresso based specialty coffee drinks and brewed coffee. The company is best known for its famous Original Glazed Doughnut, a glazed, yeast-raised doughnut that is Krispy Kreme’s most popular and best-selling product. In the United States, the company’s products are sold in Krispy Kreme stores, as well as through grocery stores, convenience stores, Walmart, Target, and Shaw’s stores. Krispy Kreme doughnuts can be found in approximately 12,000 grocery, convenience, and mass merchant stores in the U.S. The company has nearly 1,400 retail shops in 34 countries.

Krispy Kreme is owned by JAB Holding Company, a Luxembourg-based conglomerate that includes investments of companies operating in the arenas of consumer goods, forestry, coffee, luxury fashion, and fast food, among others. JAB’s portfolio is comprised of stakes in several companies, including Peet’s Coffee, Panera Bread, Coty, Pret A Manger, Einstein Noah Restaurant Group, and Keurig Dr. Pepper, amongst others.

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