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High-credit Franchised Operator, NPC International, Inc.
Location is on busy U.S. 90 / Mobile Highway, western Pensacola
2,516 SqFt Dine-In facility operating in place since 1999
34,000 Vehicles/Day, annual avg. on Mobile Highway near the site
Rent is $1,945 monthly with an override of 5% of Gross Sales
Access is from median-divided 4-lane highway; median cut nearby
Visible pylon and roof signage
Lease is Triple Net of Expenses, CAM fee, taxes & insurance
80,500+ population within 10 minutes, $48,400+ avg. HH income .
This is a net-leased investment offering. The tenant is NPC, a well-established operator of Pizza Hut restaurants. The $23,340 annual base rent also carries a percent override clause, making the pro forma value subject to projected variations in sales. The current renewal expires 1/31/2016, with two more 2-year renewal options. This tenant has occupied the property continuously since February 1999.
The dine-in designed building is in good repair, offering 75 seats served by 55 parking spaces. Traffic on US90/Mobile Highway in west Pensacla is reported as 34,000 AADT and visibility of the site is excellent. Both building and pylon signage exist.
NPC International is the largest Pizza Hut franchisee in the world. NPC's wholly-owned subsidiary, NPC Quality Burgers, Inc. is also a recent franchisee to join the Wendy's system.
Founded in 1962, NPC International went public in 1984. Shares of NPC International, Inc., Pizza Hut were traded on the NASDAQ Stock Market under the symbol NPCI until August 31, 2001 when the stockholders approved a merger through which the company went private. On May 3, 2006, the Company was sold to Merrill-Lynch Global Private Equity Group. Subsequently, on December 28, 2011 the Company was sold to Olympus Growth Fund V, L.P. and certain of its affiliates.
NPC currently operates 1,256 stores in 28 states. NPC Quality Burgers, Inc. currently operates 22 Wendy's restaurants in 2 states. - Parking description: Parking access is excellent, as is the drive through path. The asphalt-paved surface parking lot has 55 slots, which is a ratio of 22 slots per 1,000 square feet. - Area description: The West Pensacola / Bellview area is a mature sub-market with a mix of residential and commercial uses. The main artery, US 90 / Mobile Highway fronts the subject property, which is also close to the Michigan Avenue / Saufley Field Road intersection with US90.
Te five-minute population is 19,283 (7,600 households) and the 10-minute figure is 80,599 (30,092 households). - Number of buildings: 1 - Building condition: Excellent - Tenancy: Single Tenant
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