Pizza Hut (Ground Lease)

611 North Mayo Trail
Paintsville, KY 41240

Property: Investment Sales

Square Footage: +/-0.48 Acres

Acreage: +/- 1,570

Price: $440,000

Cap Rate: 5.50%

Anchor Tenants: Food City, Lowe’s Home Improvement, Ollie’s Bargain Outlet, Peebles, Big Sandy Superstore, Walmart (Shadow Anchor)

Description:

  • 10 year triple net ground lease that commenced in October 2013
  • 10% rent bumps every 5 years including two 5 year renewal options
  • Pizza Hut has over 16,700 restaurants in more than 100 countries
  • Franchisee has over 500 restaurants in 15 states with 5 brands
  • Outparcel to Mayo Plaza, a dominant regional shopping center with a trade area population over 66,800
  • Other anchor tenants include Lowe’s, Food City, Ollie’s Bargain Outlet, Peebles, Big Sandy Superstore and a Walmart shadow anchor
  • Daily traffic counts of 13,700 in front of the property on the market’s primary retail and restaurant corridor
  • Positioned adjacent to Johnson County High and Middle Schools with a combined 1400+ students
  • Paintsville is the county seat and a business, education, arts, recreation and leisure hub for the eastern Kentucky region