A&G Real Estate Partners announced that it is now marketing leases for 163 recently closed Pizza Hut sites in 26 states in connection with its role as real estate advisor for multi-concept franchisee NPC International, Inc., which is restructuring under Chapter 11. All bids are due by October 23, 2020.
The Melville, N.Y.-based firm also continues to advise NPC on optimizing the real estate portfolio for the more than 1,000 of its Pizza Hut and Wendy’s locations that remain in operation.
The locations being offered by A&G average 2,621 square feet and range from 1,000-square-foot takeout and delivery-only units to 5,916-square-foot full-service restaurants. According to A&G Senior Managing Director Joseph McKeska, the majority are freestanding locations on the pads of neighborhood shopping centers and regional open-air centers. The mix is rounded out by freestanding highway sites and in-line locations.
“With attractive rents and more than 80% of the leases offering extended option terms, these sites provide compelling opportunities for established and start-up foodservice and other retail operators seeking to expand in desirable suburban, urban and exurban markets across the U.S.,” said McKeska.
On July 1, 2020, NPC and certain of its affiliates and subsidiaries filed voluntary petitions to restructure under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas.
A listing of the individual leases is available at www.agrep.com.