December 27, 2022 – Steven Schiavello and Patrick Gray of Horvath & Tremblay have successfully completed the sale of Pizza Hut in Kittanning, Pennsylvania. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,397,500.
Pizza Hut is located at 15 Hilltop Plaza in Kittanning, Pennsylvania. Pizza Hut has been operating at this location since 2000 and has 13+ years remaining on their Absolute NNN lease followed by four (4), 5-year renewal options. The lease features attractive 2.0% annual rent increases throughout the primary term and the first two renewal options. This location is operated by Quality Huts, LLC. Quality Huts, LLC operates close to 200 Pizza Hut locations from the greater Baltimore area to Chicago. Quality Huts, LLC is a wholly owned subsidiary of Quality Restaurant Group, LLC which operates more than 350 Pizza Hut, Arby’s, Moe’s, and Sonic locations. Pizza Hut is a well-located outparcel to the Hilltop Plaza, a Walmart Supercenter and Aldi anchored shopping center. Hilltop Plaza is located just off of Franklin Hill Road (US Highway 422 Business Route) and is adjacent to Franklin Village, a Shop ‘N Save (grocery store) and Tractor Supply Company anchored shopping center. The two shopping centers together create the premier shopping destination for the residents of Kittanning and other neighboring towns. Both centers enjoy convenient access from US Highway 422 and the Allegheny Valley Expressway (PA Route 28).
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.