Subtenant potential issues?

[Howard Yang]

Came across this deal and was wonder what folks think about this type of arrangement and whether or not if it's an actual issue.

Freestanding building on a new 20 year lease to a national fast food chain, (operated by franchisee, NNN). Tenant is also subletting a portion of the building to a local Spa store as part of the agreement. The fast food tenant is responsible for the whole lease agreement and would manage the subtenant and pay subtenant's rent should the subtenant leaves earl.

When evaluating this deal, besides the primary factors (location, operator, cap, lease terms, growth potential...etc) would this subletting arrangement be a deal breaker? If not, what are specific look-outs to pay closer attentions to during the due diligence process?

Thanks in advance!