GREENVILLE, SC-Noble Properties has purchased a free-standing Dunkin Donuts for an undisclosed amount. The triple net leased building is located in Greer, part of the Greenville/Spartanburg MSA and home to a major BMW facility that is currently undergoing a $1 billion expansion.
Although Noble declined to disclose the sale amount, the real estate management and investment firm said it was an all cash deal. Noble was comfortable with the market because it owns another property nearby.
“The combination of the Dunkin Donuts brand, a great location and a long-term lease with rent increases made this a perfect deal for Noble,” Neil Efron, director of acquisitions for the Greenacres, FL-based Noble Properties, tells GlobeSt.com. “We are no nonsense buyers who will close all cash and in a timely manner and with no financing contingency.”
The Greer Dunkin Donuts is located on the major commercial artery and is leased to a well respected 50 unit franchisee on a lease that runs more than 15 years and calls for regular rent increases. Constructed in 2007, the building hosts a modern Dunkin Donuts with all the new menu items and free Wi-Fi.
Dunkin Brands recently went public and plans on continuing its expansion worldwide. There are nearly 10,000 Dunkin Donuts in 36 states and 31 countries. Global sales in 2010 were $6 billion.
Noble Properties owns more than 35 single tenant properties leased to tenants such as Walgreens, CVS, McDonald’s, Burger King, Golden Corral, Hooters, Olive Garden, Applebee’s, Ryan’s, Beall’s, Tire Kingdom and TD Bank. The firm is actively seeking additional single tenant deals with both investment and non-investment grade credit. Noble is working to close 30 triple net lease deals in 2011.
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