GREENSBORO, NC—The Cogent Group just made a sweeping triple-net deal across North Carolina’s Triad market. Cogent snapped up 15 KFC properties in Greensboro, Winston Salem, and High Point, all with above average unit sales. Financial terms of the deal were not disclosed.
“The purchase of these high quality assets, subject to long-term leases with a highly-regarded operator is an ideal fit for our investment strategy and our long-term strategic partner, as we continue to add to our real estate portfolio of triple-net lease properties throughout the United States,” says Scott Kipp, a co-founder and principal of Cogent.
The net-lease properties are leased to an established and sizeable franchisee and properties have an initial term of 20 years, plus renewal options. The stores are modern, well maintained and located in prime retail corridors in the North Carolina Triad market.
Dana Goldsmith, a principal of The Cogent Group in its New York office, says the firm inked the deal on a fast track. Cogent closed on the properties within 20 business days of making an offer.
The Cogent Group provides sale-leaseback financing, on a principal basis. That financing is leveraged for acquisitions, recapitalizations, and exit financing for retail, industrial, and office portfolios for $2 to $100 million transactions throughout the country. Cogent recently also developed properties for 7-Eleven and Whataburger, acquired an Uncle Julio’s restaurant, and completed a sale-leaseback transaction with VPS Convenience Store Group.