September 25, 2024 – Jason Woods and Chris King of Horvath & Tremblay have successfully completed the sale of Pizza Hut in Elyria, Ohio. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $1,548,387.
Pizza Hut is located at 1001 East Broad Street in Elyria, Ohio. The Property consists of a 2,987 square foot building on a 0.91-acre corner parcel. Pizza Hut has 17+ years remaining on their Absolute NNN Lease with six (6), 5-year renewal options. The Pizza Hut lease calls for attractive 1.75% annual rent increases beginning in year 7 and continuing throughout the primary lease term and renewal options. The location is operated by SFR XI Holdings, LLC, the 11th largest Pizza Hut franchisee, operating 124 Pizza Hut restaurants in four contiguous states: Ohio, West Virginia, Pennsylvania, and Indiana. Pizza Hut is situated at the intersection of S Abbe Road and E Broad Street, one of the area’s primary corridors. The Property is located at the junction with US Highway 20 and is close to OH Routes 57, 10 and 83 and Interstate 80. Pizza Hit is 1.5-miles from Elyria’s Downtown and is surrounded by densely populated residential neighborhoods providing a built-in customer base.
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.