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Well-located Krispy Kreme Trades in Grand Rapids
A single-tenant net lease Krispy Kreme at 2700 E Beltline Ave SE in Grand Rapids, MI has traded for $1.6 million in a deal arranged by the Boulder Group. The property benefits from location on a dominant retail corridor, with two premium malls including the Shops at CenterPoint, where the Krispy Kreme occupies an outparcel.
Randy Blankstein and Jimmy Goodman of the Boulder Group represented both the seller and purchaser in the transaction. The seller was a joint venture based in the Northeast and the purchaser was a high net worth investor based in Florida.
Krispy Kreme recently exercised an early renewal option, demonstrating its commitment to the location. The lease features 10% rental escalations every five years throughout the primary term, as well as in each of the three remaining five-year renewal option periods.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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