Objektbeschreibung
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a 2,944 square foot freestanding, single-tenant Pizza Hut located at 35050 Euclid Avenue in Willoughby, Ohio (“Property” or “Asset”). Pizza Hut is currently operating on a 20.0-year absolute NNN lease, with ±17.7 years remaining, 1.75% annual rent escalations beginning March 1st, 2028 and throughout the six, five-year renewal options.
The Asset is 100% leased to SFR X Holdings, LLC (“Tenant”) and guaranteed by SFR XI Holdings, LLC (“Guarantor”). SFR XI Holdings, LLC is the 11th largest Pizza Hut franchisee, operating more than 120+ Pizza Hut restaurants across Ohio, Pennsylvania, Indiana, and West Virginia.
The Property is strategically positioned in Willoughby’s primary retail corridor along Euclid Avenue with direct visibility to more than 26,000 vehicles per day, just east of Som Center Road (22,000 VPD) and less than a mile south of Ohio State Route 2 (86,000 VPD).
The Property ranks as the #1 most visited Pizza Hut location out of 12 others within a 15-mile radius. Additionally, the Property ranks in the Top 6% of most visited Pizza Hut locations in Ohio, and in the Top 9% of most visited Pizza Hut locations in the nation (Placer.ai).
Eigenschaften
Medien
Investment-Highlights
- Pizza Hut is on an absolute NNN lease with zero landlord responsibilities, ±17.7 years of remaining lease term, and 1.75% annual escalations starting March 1st, 2028
- Experienced franchisee with 120+ Pizza Hut Units
- Top 9% of most visited Pizza Hut locations in the U.S., and #1 out of 12 most visited within a 15-mile radius (Placer.ai)
- Strategically positioned in Willoughby’s primary retail corridor along Euclid Avenue and Som Center Road with direct visibility to more than 48,000 VPD.
- Pizza Hut is the largest chain in the ready-to-eat pizza sector
- Located adjacent to various shopping malls generating more than 8.2 million visits annually
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