Greenberg of ERG sells 2,476 s/f Pizza Hut building in Kentucky for $1.04 million

ERG Property Advisors has completed the sale of a Pizza Hut located at 7509 Preston Hwy. Andrew Greenberg of ERG Property Advisors represented the buyer. The tenant has an absolute triple net lease for a 2,476 s/f building located on a 30,927 s/f lot. The property sold for $1.04 million which represents a cap rate of 7.69%. The lease is 100% NNN with the tenant assuming the expense of all maintenance to the building and land. The current lease has 16 years remaining with one five-year option. There are 12% rent increases every five years. The subject property is a well-established Pizza Hut that has been operating at this location for over 35 years. The franchisee operates over 23 locations and is highly knowledgeable in this field. Positioned on Preston Highway, the property features excellent exposure as one of the dominant retail areas. This Pizza Hut is located within minutes of Louisville International Airport, Churchill Downs Race Track (the home of the Kentucky Derby) and Louisville University. If you would like more information about this property, please contact Andrew Greenberg at (646) 253-0950 or [email protected]. About ERG Property Advisors ERG Property Advisors is a full-service commercial brokerage company based in New York City. Its core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Visit www.ergpa.com for recent deals and press coverage. ###