December 13, 2017 – Brian Ahrens, Bob Horvath, and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the Pizza Hut in Newport, Tennessee. Horvath & Tremblay procured the 1031 exchange buyer to close the property at a sale price of $784,000.
Pizza Hut fully occupies a 2,040 square foot building located on busy Cosby Highway. Pizza Hut operates under a triple net lease with zero landlord responsibilities. There are over 8 years remaining on the base term of the lease with two, 5-year renewal options. This Pizza Hut location is operated by one of the largest Pizza Hut franchisees currently operating over 1,144 locations in 27 states. The Property is located along Cosby Highway, a main retail corridor, with traffic counts in excess of 23,000 vehicles per day. Attracting shoppers to the area are national tenants including: CVS, Subway, Ruby Tuesday, Taco Bell, Hardee’s, Cracker Barrel, Walmart, Wendy’s and four nationally recognized inns.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.