Business News

Pizza Hut restaurants sold for $59 million

Published: Aug. 25, 2006 at 8:09 PM

OVERLAND PARK, Kan., Aug. 25 (UPI) -- Realty Income Corp. is paying $59 million to buy 89 Pizza Hut restaurants from NPC International Inc., an Overland Park, Kan., company.

The restaurants have, on average, about 3,000 leasable square feet situated on an average lot size of approximately 37,000 square feet, with an average purchase price for each property of approximately $663,000, RIC said Friday. The 89 properties are located in 13 states.

NPC International, the largest Pizza Hut franchisee, is buying 39 Pizza Hut units around Nashville for $29.5 million.

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