The subject investment is a Pizza Hut Restaurant located at 259 Allegheny Blvd., Brookville , Pennsylvania. The property consists of roughly 3,265 square feet of building space and sits on approximately 1.29 acres of land.
A new 20 year lease has recently been executed and there are roughly 19 years remaining on the original 20-year NNN lease that commenced in 2015. The property has an attractive initial cap rate of 7.25 percent. The current rent is $55,360 and is subject to 8 percent increases every five years. There are three, five-year options. This is a franchisee location with a franchise guarantee operating under an Absolute NNN lease with No Landlord responsibilities. The operator is based in Du Bois, Pennsylvania and operates 10 Pizza Hut locations throughout Pennsylvania and adjacent States.
The property was build in 1989 but it has recently gone through a major remodel. It is strategically located off the Interstate 80 off ramp and is located adjacent to a Super 8 Motel and McDonalds. Other retailers in the immediate vicinity include Brookville Travel Center, BP, Denny’s, Dairy Queen and Napa Auto Parts.
Pizza Hut®, a subsidiary of Yum! Brands, is the world’s largest pizza company, specializing in the pizzas you never have to settle for – Pan Pizza, Thin ’N Crispy® Pizza, Hand-Tossed Style Pizza and Stuffed Crust Pizza. Pizza Hut began 55 years ago in Wichita, Kansas, and today is an iconic global brand that delivers more pizza, pasta and wings than any other restaurant in the world. A true innovator in the pizza category, they were not only the first to provide America with Pan Pizza, but were also the first ever online purchase. Pizza Hut have also developed a new sub-brand in the U.S. called WingStreet®, making Pizza Hut the first big American chain to deliver chicken, sides and complete chicken dinners.