Investment Highlights
Executive Summary
- Pizza Hut has been a long-term tenant in the space for 47 years and is currently undergoing a renovation at tenants cost and expense! The Property has a new 10-year triple net (NNN) lease term extension beginning June 2024 with favorable annual rent increases, two option periods, and no Landlord responsibilities.- Pizza Hut is guaranteed by CFL Pizza, LLC (Tenant), or Celebration Restaurant Group, a franchisee which owns 102 Pizza Huts throughout Central Florida, showing strong commitment to the local region.- Strategically positioned along International Drive (25,000 VPD), the Property benefits from having more than 128 total feet of superior frontage.- Enjoying an irresistible location in the heart of the world-renowned tourist hotspot, more than 6,100 hotel rooms surround the Properties within only a half-mile radius. Attraction for the area has helped rank Pizza Hut in the top-10th percentile in most annual visitors among its U.S. chain locations.- Within a 3-mile radius of the Properties, the residential population has grown 8.81% just since 2020 and is projected to grow another 8.12% over the next 5 years. The area also currently boasts an average household income of $109,551.
