CHARLOTTE—Charlotte is seeing some triple netaction this week. A Downtown Charlotte Dunkin Donuts triplenet corporate ground lease just sold for $1.43million.

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Bryan Belk, director of Franklin StreetReal Estate Services, represented both the buyer andseller. The seller is a local developer. The buyer is a California1031 exchange investor who plans to hold theproperty for the long-term income stream.

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“Investors are willing to pay for strong real estate locationswith long-term viability,” Belk tells GlobeSt.com. “At a 5.5% caprate, this is the lowest we have seen for a Dunkin Donut property.We received a dozen offers within two days of marketing theproperty and agreed to a letter of intent to purchase within 24hours.”

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Dunkin Donuts signed a 20-year, triple netground lease in May 2004. The triple net propertyis located at 701 South Kings Drive. That's across fromPresbyterian Hospital, one of the largest hospitals in thestate.

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The Dunkin Donuts was surrounded by an urban landscape. Belksays the building design was particularly interesting toinvestors.

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“One of the advantages to this property was that it is one ofthe few locations in the area that actually has a drive-thru,” Belksays. “With strict building codes in the area, developers have adifficult time getting drive-thru locations approved andsignificantly enough, this site was grandfathered in to includeone.”

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