CLIENT NEWS: Krispy Kreme sells Miami Gardens store — sans doughnuts — for $9M

March 29, 2021

Doughnut shop Krispy Kreme sold its store just outside Miami Gardens for $9 million.

A deed shows the Winston-Salem, North Carolina-based chain and Florida Family Realty sold the 4,345-square-foot, one-story building at 530 Northeast 167th Street to New York-based Bremen House.

The building was constructed in 2019 on 1.8 acres, according to property records. It includes a drive-through.

The doughnuts and coffee chain, founded in 1937 by Vernon Rudolph, is an American staple that has expanded to 1,005 locations, according to its website. It’s now led by Michael Tattersfield and a subsidiary of German conglomerate JAB Holding Company.

The chain isn’t slowing down, as in September it opened a 4,500-square-foot flagship store at New York’s Times Square.

Investors have been focusing on restaurants with drive-throughs, as they have reported growing sales amid the coronavirus pandemic since customers are prioritizing social distancing.
Both Chick-fil-A and McDonald’s have reported increases in sales at their drive-throughs.

Overall, fast-food chains have done well during the pandemic. Most recently, Subway expanded to Miami’s Waterford Business District, where it took out a 64,256-square-foot lease.

That chain, led by John Chidsey, will house 100 existing and new employees at the Miami office but keep its headquarters in Milford, Connecticut. – Lidia Dinkova

Published March 26, 2021 in TheRealDeal.com

Photo credit: 530 Northeast 167th Street (Google Maps, iStock)

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