Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, Pizza Hut investment property located in La Porte, Indiana. The tenant, EYM Pizza of Indiana, LLC (15-unit operator) recently signed a 15-year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, 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 asset is located at the signalized, hard corner intersection of Pine Lake Avenue and Newporte Boulevard. Pine Lake Avenue (31,500 VPD) is the major retail thoroughfare serving La Porte, Indiana. Pizza Hut is equipped with a drive-thru, has excellent visibility and significant street frontage along the frequently traveled thoroughfare. The property benefits tremendously from its position as an outparcel to a Kroger-anchored shopping center with adjacent tenants including Starbucks, McDonald’s, Taco Bell, Buffalo Wild Wings and an ALDI Supermarket. The shopping center is the primary retail destination serving the city of La Porte. The concentration of national brand retailers will create crossover exposure to the subject property. The 5-mile trade area is supported by a population of over 34,600 residents and 17,600 employees with an average household income of $86,314.

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