Marcus & Millichap is pleased to present the exclusive listing for the Pizza Hut located at 2200 West State St, Alliance, OH 44601. The site will consist of roughly 3,884 rentable square feet of building space on estimated 0.95-acre parcel of land. The Pizza Hut is subject to a 20-year absolute triple-net (NNN) lease that commenced on 2/22/2022. The initial annual rent will be $82,147 and is scheduled to increase by one-and-three-quarters percent (1.75%) annually starting year seven (7) of the base term and continuing through six (6), five (5)-year renewal periods.
About the Investment:
- Long-Term, 20-Year Absolute Triple Net (NNN) Lease that Commenced on February 22, 2022
- 1.75% Rental Increases Annually Starting Year Seven (7)
- Six (6), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 50 Years
- Franchisee Guarantee from SFR XI Holdings, LLC – Approximately 120+ Units
- Certain principals of the selling entity, including but not limited to Glen Kunofsky and Nicoletti DePaul, are Exclusive Listing Agents and part fee-simple owners of the property. See back page for full disclosure.
About the Location:
- Positioned in Strong Retail Artery | Walmart, Giant Eagle, Lowe’s, Staples, Big Lots, Kohl’s, Aldi, Dollar Tree, TJ Maxx, Famous Footwear, Hampton Inn, Holiday Inn, and More
- Located Less Than One Mile from Two Malls | Carnation City Mall and Westwood Square Shopping Mall | Total Combined Store Count of ~100
- Strong Underlying Real Estate | Conveniently Located On Alliance’s Main Thoroughfare
- Strong Traffic Counts | Over 22,670 And 18,350 Vehicles Per Day Along West State Street And Highway 62, Respectively
About the Brand/Tenant:
- Pizza Hut, a subsidiary of Yum! Brands, Inc., is the largest restaurant chain in the world specializing in the sale of ready-to-eat pizza products.
- The brand has a longstanding history with the first Pizza Hut opening in 1958 in Wichita, KS. Within a year, the first franchise unit was opened.
- As of December 31, 2021, there were 18,381 Pizza Hut locations around the world.
- SFR XI Holdings, LLC is the 11th largest Pizza Hut franchisee, operating 120+ locations across Ohio, West Virginia, Pennsylvania, and Indiana.