NPC, the largest Pizza Hut franchisee in the country, filed for chapter 11 bankruptcy on July 1. At the time of the filing, they owned 1,227 Pizza Hut locations and announced they were permanently closing 300 locations. As of October 7, NPC announced they would attempt to sell 163 of the closed locations across 26 different states. Bids are due by October 23rd to A&G Real Estate partners who are managing the leases.
According to A&G Real Estate partners, the locations up for sale range from 1,000 square foot exclusive takeout and delivery locations to fill service restaurants filling nearly 6,000 square feet. The majority are freestanding locations on the pads of neighborhood shopping centers and regional open-air centers.
In A&G’s recent press release, Joseph McKesha, Senior Managing director said, "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."
Do you have a Pizza Hut location managed by NPC? It could be time to backfill their space in case the sale of these locations doesn’t happen. Let Retailsphere help you reach out to other pizza concepts in your area that could be interested in an old Pizza Hut space. Sign up for a no-obligation demo today and see how simple your tenant search can be.