Hot news now: Krispy Kreme sells Raleigh property for $4.7M

Doughnut maker Krispy Kreme has sold two parcels of land on North Person Street to a New York-based real estate investment company for nearly $4.7 million.

The two parcels – at 549 and 551 N. Person St. – are the home of the only Krispy Kreme in Raleigh. The buyer was Broadstone KKD Portfolio LLC, a subsidiary of real estate investor Broadstone Real Estate, according to deed records.

The North Person Street Krispy Kreme is also the home of the Krispy Kreme Challenge, an annual tradition in which runners race the 2.5 miles between the campus of N.C. State University and the Person Street Krispy Kreme, all while eating a dozen doughnuts.

It raises hundreds of thousands of dollars for charity each year.

It is unclear what the sale means for the future of Krispy Kreme on North Person Street. Efforts to reach both Winston-Salem-based Krispy Kreme and Broadstone Realty were not immediately successful.

Broadstone paid more than double the total assessed value of around $2 million for the two parcels, which make up just under an acre of land.

Broadstone KKD Portfolio LLC has bought a number of Krispy Kreme properties recently, including properties in Nashville, Tenn., and Chattanooga, Tenn., earlier this month.

Krispy Kreme was acquired by JAB Beech, a holding company that also owns Panera Bread, for $1.35 billion in 2016.

This story was originally published April 9, 2018 at 12:23 PM with the headline "Hot news now: Krispy Kreme sells Raleigh property for $4.7M."