Krispy Kreme
Retail | 5.50% CAP | 3,227 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a single-tenant, net-leased Krispy Kreme located at 4904 S Cleveland Avenue in Fort Myers, Florida (“the Property”). The Property consists of a 3,227 square foot freestanding building on a 1.10-acre lot. Krispy Kreme has 15+ years remaining on its Absolute NNN Lease with four (4), 5-year renewal options. The lease calls for attractive increases in rent every five years throughout the primary lease term and at the start of each renewal option.
Krispy Kreme is prominently located along S Cleveland Avenue (US Route 41), the area’s primary commercial and commuter corridors with outstanding daily traffic counts. The Property benefits from strong visibility and accessibility (with a dedicated northbound turning lane) and sits in front of the newer construction Grand Central, a 280-unit luxury apartment community. The Property is positioned 3 miles south of Downtown Fort Myers and is surrounded by national retailers and restaurants, area schools, and countless hotels that provide consistent vehicular and pedestrian traffic. Krispy Kreme is also close to dense residential neighborhoods with numerous apartment complexes and single-family homes offering a steady and reliable customer base throughout the day.
Investment highlights
LEASE TERM: Krispy Kreme has 15+ years remaining on its Absolute NNN Lease with four (4), 5-year renewal options.
ATTRACTIVE RENT INCREASES: The lease calls for attractive 10% rent increases every five years throughout the primary lease term and 8% rent increases at the start of each renewal option, providing a steady increase in income and an attractive hedge against inflation.
ZERO LANDLORD RESPONSIBILITIES: Krispy Kreme has an Absolute NNN Lease and requires zero landlord responsibilities. The tenant is solely responsible for all service, maintenance, repairs, and replacements, making it an attractive investment for the passive real estate investor.
CORPORATE OPERATOR: This is a corporate location, Krispy Kreme is one of the most beloved and well-known sweet treat brands in the world. Krispy Kreme operates in more than 40 countries through its unique network of fresh doughnut shops, partnerships with leading retailers, and a rapidly growing digital business. Krispy Kreme has approximately 350 brick & mortar locations in the U.S. and more than 12,800 points of access worldwide.
STRATEGIC RETAIL LOCATION: Krispy Kreme enjoys an outstanding location along S Cleveland Avenue (US Route 41), the area’s primary commercial and commuter corridor. The Property is convenient to SR 884 (0.6 miles), SR 739 and SR 867 (1.9 miles), and Interstate 75 (5 miles). Krispy Kreme is seconds from Page Field (Airport) and 3 miles from Downtown Fort Myers, Florida Southwestern State College and Florida Gulf Coast University. The Location also benefits from proximity to the shoreline and area beaches and Southwest Florida International Airport.
RETAIL TRADE AREA: Additional businesses and retailers drawing consumers to the immediate trade area include The Edison Mall, Sam’s Club, Publix, Trader Joe’s, Aldi, Save A Lot, Bravo Supermarkets, Planet Fitness, Burlington, Ross, Marshalls, Old Navy, Best Buy, Floor & Décor, Guitar Center, Walgreens, Dollar General, Family Dollar, Pep Boys, AutoZone, O’Reilly Auto Parts, Logan’s Roadhouse, Red Lobster, Hooters, Waffle House, Steak ‘n Shake, Starbucks, Dunkin’, McDonald’s, Burger King, Wendy’s, KFC, Taco Bell, Zaxby’s, Arby’s, Dominos, Papa Johns, Jersey Mike’s, Jimmy John’s, Subway Wawa, and Circle K.
TRAFFIC COUNTS: Over 53,000 vehicles pass the Property each day along S Cleveland Avenue (US Route 41).
STRONG DEMOGRAPHICS: More than 67,400 people live within 3 miles of the Property with an average household income of $98,246. An impressive 161,500 people live within 5 miles of the Property with an average household income of $106,117. Additionally, there are more than 109,100 employees within 5 miles of the Property.
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