DAIRY QUEEN | $1,440,720 | 6.00% CAP
The Deltondo Group and Marcus & Millichap are pleased to present for sale Dairy Queen a single-tenant property located at 490 Central Avenue, Carlisle, Ohio 45005.
The subject property is comprised of 2,895 square feet and was built in 2006, renovated in 2016. The tenant is currently updating the property to follow new Dairy Queen required color transitions that are not due for another year. The building sits on a large 42,837 square foot lot with frontage on Central Avenue which oversees ±11,300 vehicles per day.
The tenant just executed a new 20-year absolute-net lease showing its commitment to this location. The new lease includes 2% annual increases with two, five-year options to extend.
Dairy Queen, often abbreviated DQ, is a chain of soft-serve ice cream and fast-food restaurants. There are few brands as iconic as the DQ brand. Since its inception, the innovative DQ food and treats along with the unique DQ restaurant concepts, have positioned International Dairy Queen as a leader in the quick-service restaurant industry both in the U.S. as well as internationally. Today, the DQ system is a $4.5 billion brand.
The first DQ restaurant was located in Joliet, Ill., and was operated by Sherb Noble and opened for business on June 22, 1940. The company’s corporate offices are located in the Minneapolis suburb of Edina, Minn.
The soft-serve formula was first developed in 1938 by Douds, Iowa-born John Fremont McCullough, and his son Alex. They convinced friend and loyal customer Sherb Noble to offer the product in his ice cream store in Kankakee, Ill. On the first day of sales, Noble dished out more than 1,600 servings of the new dessert within two hours. Noble and the McCulloughs went on to open the first store in Joliet, Illinois. While this Dairy Queen has not been in operation since the 1950s, the building still stands as a city-designated landmark.