Upland Real Estate Group has arranged the sale of a Pizza Hut property in Virginia, Minnesota. The property has 20 years remaining on its NNN lease and includes 10 percent increases every five years with four five-year renewal options.
The tenant on the lease, MUY Pizza Minnesota LLL, currently operates 59 Pizza Hut restaurants in Minnesota and Iowa.
Keith Strum of Upland Real Estate Group said that Pizza Hut has perfomed well during the COVID-19 pandemic. The 1031 buyer saw long-term value in the asset, operator and brand, Strum said.
This Pizza Hut is an outparcel to Thunderbird Mall at the curve of Highway 53 in Virginia, Minnesota. Traffic counts average 16,000 vehicles daily. Thunberbird Mall is a regional shopping destination with more than 20 specialty shops.
