A number of Frisch’s Big Boy stores are set to close in Ohio, Kentucky and Indiana for failing to pay rent to a landlord that owns thousands of similar retail-occupied sites across the country.
The Enquirer looked into Frisch’s Orland-based property owner, NNN Reit Inc , which recently brought eviction lawsuits against “more than 20” locations in the region. Here’s what we know:
Who is NNN Reit Inc?
NNN Reit is a 40-year-old publicly traded real estate investment trust firm that owns 3,548 properties in the United States. It specializes in owning a diverse range of free-standing, income-producing retail stores, restaurants, offices, apartment complexes and more, in which small investors can hold equity.
NNN Reit has been on the New York Stock Exchange for decades (also under old names) and is currently worth $8.75 billion.
The name “NNN” refers to the real estate term “triple net lease” under which a commercial tenant is responsible for all its operating costs. This may include property taxes, building repairs, utilities and insurance, among other things. Triple net leases are often used as financial buffers for landlords of chain retail or restaurants like Frisch’s.