Business

Krispy Kreme's lease means store stays on Person St. for 20 years

Posted April 10, 2018 1:27 p.m. EDT

— The new owners of the property that is home to Raleigh's only Krispy Kreme franchise eased some public worry with a public summary of the lease they provided to the doughnut maker.

"The parties agree that it is in each of their best interests to make certain provisions of the lease a part of the public record," they wrote in a memo filed March 30 with the Wake County Register of Deeds.

Property records show that two tracts – at 549 and 551 N. Person St. – were sold last week to Broadstone Real Estate LLC. The Raleigh store's address is 549 N. Person, and the property next door serves as the drive-thru lane and parking for the store.

Records show Broadstone paid a combined price of about $4.7 million for the two lots. Together, they make up a little less than an acre.

Krispy Kreme signed a lease with Broadstone to rent the property for 20 years, through March 2038, with four options of five years apiece to extend that lease.

The Person Street store has been serving up doughnuts since 1970, and it has been the anchor and turnaround spot of the annual Krispy Kreme Challenge – a fundraiser that sees participants to run from the North Carolina State University Memorial Belltower to the store, gobble down a dozen doughnuts and return – since 2004.