The subject property is a freestanding Pizza Hut restaurant located west of Gainesville in Chiefland, Florida. This is a sale leaseback transaction with the tenant entering into a new 15 year lease at the close of escrow. The tenant recently made significant property improvements including new paint, signage, landscaping and interior upgrades. The site is on North Young Blvd. a busy commercial artery through town. Notable traffic generators in the area include Sears, Save-A-Lot, Dollar General, North Florida Pharmacy, Best Western, McDonald’s, Hardee’s, Huddle House, Burger House, Ford Dealership, Texaco and Chiefland High School. Other national retailers nearby include Walmart, Tractor Supply, Winn-Dixie, CVS Pharmacy, Cato, Movie Gallery, Sonic Drive-In, Church’s Chicken, Taco Bell, Burger King, Subway, KFC, Capital City Bank and Holiday Inn Express.

Tenant: TNT Pizza Partners, Inc.
TNT Pizza Partners, Inc. is a Pizza Hut restaurant operator with 32 locations in Florida, Pennsylvania and New Jersey. TNT is owned by Bryan Neuendorf, who has been involved with a Texas-based Pizza Hut partnership for many years. Bryan has acquired units in existing Pizza Hut markets where his team’s management and operational skills will increase market share and drive revenues. TNT owns 6 units in the Gainesville, Florida market and has an 81% share in 26 additional units in PA and NJ. TNT Pizza Partners’ philosophy is to continually reinvest capital back into their business, as evidenced by the significant capital improvements made to the properties. Pizza Hut’s WingStreet concept has been added to most locations at a cost of approximately $60k per unit, along with upgrades to building interior, exterior, signage and landscape. Bryan’s operations partner is Michael Baird, who has been in the Pizza Hut system for 32 years. Mr. Baird’s last position before becoming a franchisee was Director of Franchise Operations for the PHI domestic market. TNT Pizza Partners brings new capital and a new enthusiasm to the markets they enter and is ranked as a leading system franchise operator.