Globally Recognized Tenant: Pizza Hut –  Successful 74-Unit Operator – Largest Pizza Hut Franchisee in Northeast Region – Pizza Hut is the largest pizza chain in the world, operating over 18,000 restaurants and 350,000 team members in more than 110 countries. Pizza Hut is a subsidiary of YUM! Brands, Inc. (NYSE: YUM), the largest restaurant company in the world with over 45,000 restaurants in more than 135 countries and territories. YUM! Brands is ranked number 494 on the Fortune 500 list.

The Franchisee is the largest Owner/Operator in the Pizza Hut System, New England Region, operating 74 stores across New York, Massachusetts, Connecticut, Vermont, New Hampshire, Maine, and Tennessee (largest Pizza Hut operator in Northeast Region).

Store Sales Remain Strong – Minimal Effect from Covid-19 – Ideal 8% Rent to Sales Ratio – Extremely Low Rent –  Long-Term Passive Investment  – Store sales are still strong and remain profitable throughout the COVID crisis, comparable to last year’s sales. The Tenant has reported an ideal 8% rent to sales ratio, alleviating any future vacancy risk concerns and providing a future investor with a long-term passive income stream (see broker for unit level sales reporting).

New 10-Year Absolute NNN Lease – Strong Rent Growth – Zero Landlord Responsibilities – Ideal 1031 Exchange Property  – The tenant will deliver a new 10-year lease that features 10% increases every 5 years in the Primary Term and the (4) 5-year Option Periods, offering an investor a steady income stream with rent growth as a hedge against inflation. The long-term lease, low price point, and low rent make this asset an ideal 1031 exchange candidate.

Adjacent to 101,000-SF Shopping Center – Anchored by Tractor Supply Co, Big Lots, Auburn Movieplex  – The site is adjacent to Grant Avenue Plaza, a 101,840-square-foot shopping center with anchor tenants Tractor Supply Company, Auburn Movieplex, and Big Lots, as well as co-tenants Vineyard Church, Witmers Country Market, Real Deals Dollar Store, and Munchies.

Located Along Grant Avenue – Major Retail Corridor – Proximity to National Retailers, Restaurants  – The subject property is located along 386 Grant Avenue, offering excellent visibility to traffic counts of 26,000 cars per day and easy in/out access to the property. Grant Avenue is a major retail/commuter corridor with national retailers in the nearby area including Walmart Supercenter, Lowe’s, BJ’s Wholesale, Staples, Advance Auto Parts, Planet Fitness, Marshalls, Bed Bath & Beyond, and Dollar Tree, as well as restaurant chains McDonald’s, KFC, Burger King, Arby’s, Denny’s, Wendy’s, Panera Bread, and Applebee’s.

Located in Auburn – Proximity to Syracuse, Fifth-Most Populous City in the State of New York – The subject property is located in Auburn, at the northern end of Owasco Lake in the Finger Lakes region of Central New York. As the county seat of Cayuga County, Auburn is the location of many countywide government services, banking and finance, legal and medical services. Auburn has won awards from various sources in the past few years such as, “Best Small Cities to Raise a Family” in the Northeast; fourth in “Top Ten Cities to Live in NYS;” No. 1 “Best Place for Small Businesses in the Northeast;” and “14th Best Small City to Live in the US,” by California-based fiscal advisory website NerdWallet. The City was also recognized by Kaboom! as a Playful City USA Community for its Parks Master Plan and ongoing improvements to its parks & playgrounds.

Auburn is located approximately 25 miles west of Syracuse and is part of the Syracuse-Auburn Combined Statistical Area, which has a population of 732,000 people. Syracuse is the fifth-most populous city in the state of New York following New York City, Buffalo, Rochester, and Yonkers. It is the economic and educational hub of Central New York, and is the home of Syracuse University, a major research university that was ranked #53 in US News & World Report’s 2019 Best National Universities.

Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977