A&G Real Estate Partners is marketing leases for 163 recently closed Pizza Hut sites in 26 states.
A&G is marketing the leases in connection with its role as real estate advisor for multi-concept franchisee NPC International, which is restructuring under Chapter 11. All bids are due by October 23, 2020.
In addition, A&G also continues to advise NPC on optimizing the real estate portfolio for the more than 1,000 of its Pizza Hut and Wendy's locations that remain in operation.
NPC, which also operates 385 Wendy’s restaurants and is one of the nation’s largest franchisees, was struggling prior to the COVID-19 outbreak. In its June bankruptcy filing, it declared it was approximately $900 million in debt.
The locations being offered by A&G average 2,621 sq. ft. and range from 1,000-sq-.ft. takeout and delivery-only units to 5,916-sq.-ft. full-service restaurants. More than 80% of the leases are offering extended option terms
According to A&G senior managing director Joseph McKeska, the majority are freestanding locations on the pads of neighborhood shopping centers and regional open-air centers. The mix is rounded out by freestanding highway sites and in-line locations.
Interested parties can apply for a list of the available properties on A&G’s website.