Panama City Beach, Florida – The Net Lease Site travels to Panama City Beach, Florida for some commercial real estate news. A net lease property Tenant that is not to common to us, and that us Krystal. Krystal is leasing this freestanding building as a quick service restaurant. The net lease investment with Krystal recently sold for approximately $1.325 Million.
The tenant, KREA, LLC (a wholly-owned subsidiary of The Krystal Company), is reported to be prepared to sign an 18-year “NNN” Triple Net Lease commencing at the Close of Escrow of this transaction. The NNN lease will contain four, 5-year options to renew and a percentage rent clause. In addition to the basic rent set forth in the NNN lease, commencing in year two of the net-lease term, the Tenant agrees to pay the Landlord an additional fee. This net lease Tenant will pay an amount equal to 3% of Adjusted Net Sales for this fast food restaurant, if any. This payment is to be made in excess of the Adjusted Net Sales, for the restaurant during the first 12 month’s of the fast food restaurant’s operation.
This net lease property is a 2,436 square foot single-tenant retail building. The net lease investment seller was a Limited Liability Company from Tennessee. The net lease investment buyer was a New Jersey investor involved a 1031 Exchange. The “NNN” Triple Net Lease Property address is 9958 Hutchison Boulevard, Panama City Beach, Florida 32407. Some of the Krystal triple net lease properties have free wi-fi available to help draw more traffic.
This NNN Lease Investment is corporately guaranteed by The Krystal Company. The Krystal Company was founded in 1932. The Krystal Company is the oldest quick service restaurant chain in the South and the second oldest in the United States. The Chattanooga, Tennessee-based company currently has approximately 379 restaurants in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, South Carolina, Tennessee, Virginia and the great State of Texas.
More information on this net lease property property with Krystal, is the building is located on Hutchison Boulevard in Panama City Beach. This net lease investment recently opened last July. The store set an all-time record for new store openings. The triple net lease property is located across from a Walmart Supercenter, and adjacent to other national tenants such as: Country Inn & Suites, Zaxby’s, KFC, and Backyard Burger. There is a net lease investment with McDonald’s nearby also. Within approximately 1 mile of this NNN property are several tourist attractions and resorts such as Ripley’s Believe It or Not!, Coconut Creek Family Fun Park, WonderWorks, Oasis Resorts, and Majestic Beach Towers. WonderWorks, a new four-story, 39,000 square foot attraction is scheduled to open soon and is twice the size of the Orlando location. Reports have suggested that Panama City Beach will grow and is expected to increase approximately 26% in the 5-mile radius over the next 5 years.
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