Globally Recognized Tenant: Pizza Hut – Successful 107-Unit Operator – Largest Pizza Hut Franchisee in Northeast – 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).
Ideal 7.9% Rent to Sales Ratio – Extremely Low Rent – Highly Profitable Location – Long-Term Passive Investment – The Tenant has reported an ideal 7.9% rent to sales ratio and the tenant is paying an extremely low rent. These crucial metrics reflect a high probability this location is profitable and alleviates any future vacancy risk concerns.
New 20-Year Absolute NNN Lease – Strong Rent Growth – Zero Landlord Responsibilities – The tenant will commence a new 20-year lease on close of escrow that features 10% rent 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.
Major Building Renovation in 2018 – Latest Pizza Hut Prototype Design – Drive-Thru Window – In 2018, the building underwent a major renovation to convert it from a KFC building to the current façade. The building was completely rebuilt down to the studs converting it to the latest Pizza Hut prototype which includes a drive through pick up window.
Major Retail Corridor – Home to National Tenants – Excellent Draw to the Trade Area – The subject property is located on Western Ave/SR-202, just one mile from the on/off ramp to Interstate 95 (35,000 cars per day), offering excellent visibility to traffic counts of 25,000 cars per day. Western Ave is a major traffic corridor connecting travelers in/out of Downtown Augusta to/from Interstate 95 for access to Portland an hour south.
This thoroughfare is the central retail corridor, home to the Turnpike Mall, anchored by Hannaford Supermarket, Bed Bath & Beyond, and Petco; Augusta Crossing, co-anchored by Lowe’s and Target; and Capitol Shopping Center, anchored by Shaw’s grocery store and Big Lots. Additional national retailers in the area include Goodwill, AutoZone, Best Buy, Staples, PetSmart, Verizon Wireless, CVS, The UPS Store, and TD Bank, as well as restaurants including Applebee’s, House of Pancakes, McDonald’s, Burger King, Taco Bell, and Dunkin Donuts, providing outstanding synergy and an excellent draw to the trade area.
Located in Augusta – Capital City of Maine – Diverse Economy Anchored by Government Industry – The subject property is located in Augusta, the state capital of Maine and the county seat of Kennebec County. Located in the heart of the beautiful Kennebec Valley in Central Maine, the city is just an hour from Portland.
Augusta’s economy is diverse; it is Maine’s largest location for government employment, employing several thousand Augustans. The area is a utility hub as the site of Central Maine Power Company, an electric utility that serves more than 560,000 customers throughout the state. High tech has emerged as a strong industry in the past decade – Augusta is home to SCI Systems, which produces computer peripheral equipment, and Microdyne, a technology services company, that has a technical support and helpdesk service center in Augusta. Augusta’s central location has made it a major regional distribution center and significant warehousing/distribution activity is evident within the commercial base of the community. In addition, Augusta has always been one of the state’s retail hubs, ranking second only to Portland in retail sales.