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| Pizza Hut |
3131 South Kinnickinnic, Milwaukee, WI
Purchase Price: $691,670
• 15 year primary lease
• Four (4) x 5 year option periods
• Triple Net (NNN) Lease
• 10% rent increases every 5 years
Land Area: ± 0.36 Acres, Building Area: ± 1,829 SF |
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Willis Ventures has just closed escrow on another single tenant net leased retail property, Pizza Hut in Milwaukee, Wisconsin. The property sold for $691,670. This is a NNN lease for fifteen years plus option periods.
PH Hospitality Group, LLC (NYSE: PHHG) guarantees the Pizza Hut lease. The company is the largest Pizza Hut Operator in the state of Wisconsin with locations throughout eastern and central Wisconsin. PHHG currently operates 83 Pizza Hut locations throughout eastern and central Wisconsin. The company is an affiliate of Wisconsin Hospitality Group, a franchise of 41 Applebee’s in Wisconsin. PHHG was created in 1999 when it acquired its Pizza Hut restaurant from the corporate parent, YUM Brands. Of franchisees that operate over 40 units, PHHG was voted #1 in customer satisfaction based on a survey conducted by Pizza Hut Corporate and ranks 6th overall of Pizza Hut operators system- wide.
The subject property is located on South Kinnickinnic Avenue, a half mile from the shores of Lake Michigan and a mile and half from Interstate 94/43. The site is easily accessible with two points of ingress and egress, one from Kinnickinnic Avenue and one from Euclid Avenue. Kinnickinnic is a primary thoroughfare in the area sparsely populated with retail and local businesses, but mainly occupied by residential. The area is densely populated with almost 97,000 residents living within a three-mile radius of the property. Nearby retailers include Walgreens, Marathon Oil, Subway, Starbucks, Vision Mart and Crabby’s Bar and Grille.
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