Freddy’s building for sale: $2.7 million

Freddy%27s+building+for+sale%3A+%242.7+million

By Staff Report

A local fast-food franchise’s building is up for sale just over half-a-year after the establishment opened early last October.

Freddy’s, located along Maple Avenue is selling its location for $2,728,000 according to marketing material published online by Capital Pacific.

The terms of the sale, an absolute NNN lease, would allow the franchise to remain at the location and pay rent to its new owners. The tenant would pay expenses such as property tax, insurance, repairs and utilities.

Often NNN sale-leases are created to allow business owners the capital to reinvest in their business, as well as offsetting the expenses or debts incurred in the launching of the establishment.

The Giesen family, owners of the local franchise, are issuing a 10-year personal guarantee according to the marketing packet which would give a prospective buyer the extra security of a guaranteed tenant over the next decade.

The publicized terms show a 15-year lease with a 7.5 percent rent increase every 5 years. The sale also includes 3 additional 5-year options should the tenant choose to exercise.

The document states that Freddy’s would pay $14,777 in monthly rent through September of 2024 if purchased at the proposed terms.

As previously reported by Y-City News, Freddy’s opened in Zanesville on October 11, 2019, and is owned by Colorado-based franchise Dave Giesen.