According to city records, the property at 551 North Person Street sold for nearly $4.7 million to Broadstone KKD Portfolio LLC.
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That location is the home to the only Krispy Kreme in Raleigh.
Records show the sale went through on April 2.
The same real estate investment company also recently purchased Krispy Kreme locations in Nashville and Chattanooga.
The uncertainty of losing a piece of old Raleigh is leaving a bad taste in the mouths of many locals.
"I think it's concerning that there's an out-of-town developer coming in and no one knows what plans they have for it," said Gina Govan, a 25-year Raleigh resident who lives nearby.
Michelle Ames and Stephanie Healey were in the midst of their weekly Monday night run that takes them by the Krispy Kreme - where the scent of doughnuts adds extra incentive to run to the top of this hill in the Oakwood neighborhood.
"That smell of jelly doughnuts is what gets us up the hill over here every Monday night," Ames said.
Like many swaths of adjacent downtown Raleigh, this stretch of Person Street is undergoing a renaissance - with trendy new bars, restaurants, and upscale homes.
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On the possibility of Krispy Kreme's demise here, Healey lamented the possibility of losing a cherished piece of old Raleigh.
"Raleigh is tearing down all these really fun things that give it character. It's all going for the sake of condos," she said.
ABC 11's phone calls and emails to Broadstone were not returned Monday.