January 31, 2018 – Bob Horvath, Todd Tremblay and Jeremy Black of Horvath & Tremblay have successfully completed the sale of Pizza Hut and Wingstreet in Kingston, New York. Horvath & Tremblay represented the seller to close the property for a sale price of $675,000.
Pizza Hut and Wingstreet fully occupy the 2,340-square foot building located along Ulster Avenue in Kingston. The 10-year, triple-net (NNN) lease, commenced in June 2014 and has 7 years remaining on the current lease term plus one automatic, five-year renewal option. Pizza Hut has occupied the building since it’s completion in 1974. The new lease follows an alteration and upgrade of the building to accommodate Yum Brands latest restaurant concept which features a Pizza Hut and Wing Street co-location design.
The property is located along a main thoroughfare in a mixed retail and residential area. Other retailers in the immediate area include Subway, Dunkin Donuts, Speedway, Monroe Muffler, U-Haul Moving & Storage, Valvoline, the Kingston library and the Kingston fire department. Kingston, with a population of approximately 24,000, is located in the Hudson River Valley, approximately 90 miles north of New York City and 50 miles south of Albany.
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.