T-Mobile & Pizza Hut

Tenant

T-Mobile & Pizza Hut

Location

Largo , Florida

Price

$935,000

CAP Rate

6.45%

NOI

$60,300

Lease Term

Various

Occupancy

100%

Building Size

2,600 Sq. Ft.

Property Type

Multi-Tenant

Year Built

2004

Lot Size

0.30 acres

Status

Available

Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

David Bitton

Associate

(201) 742-6173 | Email

  • 100% Occupied NNN Strip Center
  • National Tenants with Strong Franchisee Guarantees
  • Outparcel to a Walmart Anchored Shopping Center
  • T-Mobile Lease Features 2% Annual Rent Increases
  • High Traffic Location | 27,500 VPD
  • Excellent Demographics | 162,676 People in 5 Miles
  • Average Household Income in 5-Miles is $71,933
  • Near Many Prominent Retailers such as Walmart, Publix, CVS, McDonald’s, Starbucks, Chase Bank and more

The Iacono Team at Marcus & Millichap is pleased to present a T-Mobile and Pizza Hut in Largo, FL. Both tenants are subject to NNN leases. Pizza Hut has been operating at this location since 2003 and recently exercised their option in April 2018. Pizza Hut has two remaining option periods with 10% increases in each option.. T-Mobile’s lease features annual increases of 2% and there are two remaining five year option periods.

Pizza Hut is the largest pizza restaurant company in the world with more than 11,000 locations across 90 countries. In 2002, Pizza Hut was acquired by YUM! Brands which also owns Taco Bell, KFC and more. Pizza Hut currently has a brand value of $8.5 billion and is listed #4 on Forbes’ Top 10 list of global fast food chains. The Pizza Hut lease is guaranteed by NPC International. NPC International is the largest Pizza Hut and Wendy’s franchisee in the United States. They operate a combined 1,610 stores, 1,225 of them being Pizza Hut, in 27 states. NPC International has more than 37,000 employees and plans to keep expanding.

T-Mobile is the third largest wireless carrier in the United States with over 84.2 million customers and more 5,300 locations. T-Mobile has increased its retail footprint by 30% in the last two years and currently has reported revenue of $43 billion. The T-Mobile lease is guaranteed by Spark Wireless. Spark Wireless is a premium T-Mobile retailer with over 110 locations throughout the Southeast and more than 650 employees. In October, they were honored as the #1 T-Mobile Premium Retail Partner in the Southeast.

The subject property is ideally located as an outparcel to a busy Walmart anchored shopping center. There are many prominent retailers near by such as Walmart, Publix, McDonald’s, Chase Bank, Starbucks, Walgreens and more. The property is situated on a heavily trafficked road with more than 27,500 vehicles per day. The area is extremely dense with more than 162,000 people residing within five miles.