Burger King

Location Raleigh, NC
Lease Term 7 Years
Acquisition Date August 2016
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Raleigh/Durham MSA. Property is located within the City of Raleigh, 3 miles from North Carolina State University and 30,000+ students. Property is located on a highly visible hard corner  with over 50,000 cars per day. The property is leased to and operated by Carrolls Restaurant Group, Burger King’s largest operator in the system. Carrolls recently renovated the entire store,  exterior and interior, in 2014. The tenant reports annual sales and enjoys a healthy rent to sales ratio of less than 7%, which is strong. The Raleigh/Durham/Chapel Hill area is consistently  one of the fastest growing MSA’s  in the United States, anchored by Research Triangle Park, and 3 major    universities.

No. You are investing in NADG NNN REIT I that has purchased this building, which is leased to the tenant Burger King restaurant.

That is correct. You as an investor own a share of the Fund that owns this building.

A triple net lease (triple–Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three “nets”) on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.)

  • The tenant is able to effectively control their real estate
  • The landlord’s investment is passive, and the tenant absorbs increases in operating expenses (real estate taxes, capital repairs, etc.)
  • The tenants are normally willing to sign longer term leases (10-20 years)

A building lot separated or separable from a commercial development, the selling of which provides liquidity for the developer.

Yes you can as freestanding building are separately platted parcels. This is extremely advantageous to both the tenants and owners.

  • High demand from tenants.  This demand remains strong as newer types of retailers have emerged and compete for the prime visibility and easy access (Urgent Care Centers and ER Centers, Dental Care, Wireless Carrier Stores).
  • Tenants desire the visibility as well as the control over their real estate.  The building and signage reflects the retailers brand and image.  Whereas in a shopping center a retailer would only get to put up a sign on the building, in a freestanding building the entire building is designed by the retailer.  High visibility builds brands.

Why is the renewal rate on leases so high in the NNN retail asset class?

  • Majority of NNN retailers are national or regional tenants that have meticulous site selection criteria models (they know where they want to be which is why they sign the longer term leases and invest in their properties the way they do)
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Jane Smith
Jane SmithInvestor Relations
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