Doughnut lovers racing for a good cause
Fans of Krispy Kreme don’t need to worry about the donuts shop leaving North Person Street anytime soon.
The store will stay on Person Street for at least another 20 years, according to a memorandum of lease and exclusive use filed by Broadstone Real Estate with the Wake County Register of Deeds.
Broadstone Real Estate, a New York-based real estate investment company, purchased two parcels of land on North Person Street from Krispy Kreme earlier this month 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.
According to the lease, Krispy Kreme will lease the property at 549 N. Person St. at least until March 31, 2038. Krispy Kreme would also have four options to extend the lease for additional periods of five years each.
Efforts to reach both Krispy Kreme and Broadstone about the arrangement were not immediately successful.
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 donuts.
In a statement on its Facebook page, the organizers of the Krispy Kreme Challenge said they were assured that the Person Street Krispy Kreme would continue to serve as the midpoint of next year's race.
"We are deeply appreciative of the relationship that we have built with the management of the Raleigh Krispy Kreme store, and we are looking forward to furthering that relationship as we prepare for the 2019 race," the Facebook post said.
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 has bought a number of Krispy Kreme properties recently, including properties in Nashville, Tenn., and Chattanooga, Tenn., earlier this month. The company says on its website that it specializes in acquiring and holding single-tenant, commercial real estate properties throughout the United States that are leased to the properties' operators under long-term net leases.
Krispy Kreme was acquired by JAB, a holding company that also owns Panera Bread, for $1.35 billion in 2016.