Panama City Beach, Florida - Today we have Net Lease Properties data from Panama City Beach, Florida. A net lease investment Tenant that we have not seen much of recently, Krystal is leasing the building. The net leased property with Krystal sold for $1,325,000.
The tenant, KREA, LLC (a wholly-owned subsidiary of The Krystal Company), is supposed to sign an 18-year "NNN" Triple Net Lease commencing at the Close of Escrow. 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 lease term, 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 the restaurant, if any, in excess of the Adjusted Net Sales, for the restaurant during the first 12 month's of the restaurant's operation.
This "NNN" Triple Net Lease is corporately guaranteed by The Krystal Company. The Krystal Company was founded way back in 1932. The Krystal Company is the oldest quick service restaurant chain in the South and the second oldest in the United States of America. The Chattanooga, Tennessee-based company currently has approximately 376 restaurants in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, South Carolina, Tennessee, Texas and Virginia.
This net lease property is a 2,433-square foot-single-tenant retail building. The net lease property seller was a Limited Liability Company from Tennessee. The net lease investment buyer was a New Jersey investor in a 1031 Exchange. The Triple Net Lease Properties address is 9958 Hutchison Boulevard, Panama City Beach, Florida 32407. We see some of the Krystal triple net lease properties with free wi-fi available.
The net lease property property is a freestanding Krystal and 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 property with McDonald's nearby also. Within approximately 1 mile of this triple net lease 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 sq. ft. attraction is scheduled to open at the end of June 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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