Vernal, UT - Pizza Hut

Description:

SRS National Net lease Group, LP is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Pizza Hut investment property located in Vernal, Utah. The tenant, Pizza Hut has approximately 14 years of initial term remaining with 4 (5-year) options to extend, demonstrating their commitment to the site. The operator, Grand Mere Restaurant Group, operates over 140 locations and is the leading Pizza Hut franchisee. The lease features 1.50% annual rental increases throughout the initial term and the option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

The Pizza Hut is located at the signalized, hard corner intersection of US Highway 191 and W 1000 Street with a combined 8,300 vehicles passing by daily. US Highway 191, is the major retail thoroughfare serving the city of Vernal. The Pizza Hut is an outparcel to a 193,000+ SF Walmart Supercenter anchored center. The asset is adjacent to Vernal Towne Center, a 140,000+ SF center that features national/credit tenants such as T.J. Maxx, Ross, Petco, Joann Fabric and Crafts, Ulta Beauty, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Lowe’s Home Improvement, Jimmy John’s, Anytime Fitness, McDonald’s, Dollar Tree, Taco Bell, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 28,200 residents and 10,100 employees with an average household income of $91,290.