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INVESTMENT HIGHLIGHTS
THE ASSET: The Property is part of a three-unit condominium development. The offering is for Units 1 and 2. Dunkin’ occupies unit 1, which comprises a 30,746 square foot 0.71-acres of land. Pizza Hut occupies unit 2, which comprises a 34,234 square foot 0.79-acres of land. Unit 3 is an undeveloped parcel and comprises 65,332 square foot 1.5-acres or land. The offering is for units 1 and 2, the Dunkin’ and Pizza Hut. Unit 3 is also available for sale, contact the listing agent for more details.
LEASES: Pizza Hut has been at this location for more than 18 years and has 1+ years remaining on their Triple Net (NNN) Lease with three (3), 5-year renewal options. Dunkin’ has been at this location for more than 16 years and has 3+ years remaining on their Triple Net (NNN) Ground Lease with two (2), 5-year renewal options. Pizza Hut’s lease features an attractive 18.7% rent increases at the start of their first renewal option and 10% increases at the start of the second and third renewal options. Dunkin’s lease calls for a 12% rent increase at the start of each of their renewal options providing the investor with an attractive increase in revenue and a hedge against inflation.
DYNAMIC CORPORATE TENANTS: GC Pizza Hut is one of the largest owners/operators of Pizza Hut franchises in the US. GC Pizza Hut owns and operates 97 stores in seven states and is poised to add additional stores to its current footprint. GC Pizza Hut is part of Golden Child Holdings (“GCH”). Dunkin’ is operated by NGP Management Scrivanos Network, a seasoned Dunkin’ franchisee that has been in business since 1980 and operates more than 120 Dunkin’ locations throughout northern New England.
STRATEGIC RETAIL LOCATION: The Property is well located along N Main Street and is surrounded by numerous retailers, restaurants, businesses and offices that drive traffic to the area. The Property is close to Rochester’s schools, residential neighborhoods, and apartment communities that provide a captive customer base. The Property is seconds from the junction of US Route 202 and Spaulding Turnpike (NH Route 16), the area’s primary commuter corridors and is close to NH Route 125.
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