Newport Beach, CA (December 21, 2021) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $5.95 million ground lease (land ownership) sale of a single-tenant drive-thru property occupied by Krispy Kreme Doughnuts located at 8018 Concord Mills Boulevard in Concord, NC. The transaction broke a national sales record for a ground-leased Krispy Kreme property with a cap rate of 4.6% – the lowest ever for a Krispy Kreme leased property per CoStar. Year to date, SRS has sold in excess of $18 million in Krispy Kreme-leased properties this year.
SRS NNLG’s Managing Principals Matthew Mousavi and Patrick Luther and Associate Max Sabino represented the seller, a North Carolina-based private investor, as well as the buyer, a Florida-based private investor.
“The single-tenant net lease market is incredibly active and corporate-backed assets like this one offer investors a cash-flowing opportunity with no landlord responsibilities,” said Mousavi. “We are pleased to break a national sales record on this transaction and expect to see more record-breaking deals well into 2022 as there is a scarcity of corporate assets available and pent-up capital demand waiting on the sidelines.”
Built in 2019 and situated on 1.48 acres, the location is an outparcel to Pavilion at King’s Grant, a 328,000-square-foot power center. It is also across the street from Concord Mills, a 1.3 million-sf regional indoor mall and is within a major retail corridor within the greater Charlotte market.
Year-to-date, SRS’ Investment Properties Group and National Net Lease Group (NNLG) has completed more than 700 transactions valued in excess of $2.5 billion and has in excess of $2 billion in property on the market.