Blue Sky Services has closed the 1031 exchange purchase and 20 Year Leaseback of Denny’s Restaurant
Blue Sky Services Real Estate has been busy lately, representing a diverse array of Sellers and Buyers of commercial investment real estate. According to informed sources within the company, Blue Sky Services has seen a spike in commercial activity since the beginning of the year, with a total of 37 transactions closed year-to-date as compared to 24 transactions at the same time last year.
The latest of these deals is the 1031 exchange purchase with a 20 year leaseback of a Denny’s restaurant in Spindale, North Carolina.Poised as an excellent investment along the US 74 Bypass, this 3,700 sq ft building on .69 acre is situated as an out-parcel in a former K-Mart shopping center. Nikita Zhitov of Blue Sky ServicesReal Estate facilitated the transaction, and views it as an excellent opportunity for the Investor, anticipating the full swing of the economic bounce back.
Headquartered in Spartanburg, South Carolina, Denny’s was founded in 1953 and currently operates over 1,600 locations throughout the United States and overseas. They provide a stable corporate presence for the leaseback that will generate guaranteed income for the investor for a period of twenty years, in a location that is only going to get more popular as the economy recovers, thanks to its excellent location.A spokesperson for Blue Sky Services commented on the transaction, “Although the shopping center behind the restaurant has been vacant since K-Mart left in 2007, we believe that this is still a strong investment.
The market bottomed out, and it can only get better once the K-mart space is leased up. Until then, a 20-year lease from a strong national tenant such as Denny’s Corporation provides the necessary security for our investors, who at the end of that lease may well see dividends on their initial outlay when economic recovery sees the location become a vibrant center of commerce.”About Blue Sky Services: Blue Sky Services has been in business since 1996, succeeding in growing their company by working with thousands of satisfied customers. The company is committed to setting the highest standards for customer service, quality and professionalism, aiming to lead the field in real estate, development, construction, remodeling and more.