SENNETT — The 386 Grant Avenue (Route 5) property in the town of Sennett, on which a Pizza Hut restaurant sits, was recently sold. GC Pizza Hut REO Holdings, LLC, a Delaware-based limited liability company, purchased the 1.2-acre property and 2,800-square-foot building, according to John Bouck, owner/broker of Bouck Real Estate in Auburn, which arranged […]
SENNETT — The 386 Grant Avenue (Route 5) property in the town of Sennett, on which a Pizza Hut restaurant sits, was recently sold.
GC Pizza Hut REO Holdings, LLC, a Delaware-based limited liability company, purchased the 1.2-acre property and 2,800-square-foot building, according to John Bouck, owner/broker of Bouck Real Estate in Auburn, which arranged the sale.
According to Bouck, the previous owners of the property, R.S. Vescio Revocable Family Trust, had owned the real estate only for many years, with a long-term lease to Pizza Hut. The family trust sought to divest itself of some of its property, including the Grant Avenue parcel. Subsequently, the Bouck Real Estate firm sold the property, to a national franchisee.
The purchasers of the property, GC Pizza Hut REO Holdings had recently acquired the local Pizza Hut franchise, but were interested in owning the real estate, instead of leasing, as they have been doing. Bouck said that when the real estate became available, he contacted them to determine if they would like to acquire it.
GC (Golden Child) Pizza Hut REO Holdings is one of the largest Pizza Hut franchisees in the U.S., operating more than 97 restaurants in 7 states, according to Bouck. While a number of the Pizza Hut properties, in which GC has a franchise interest, have been closed over the past year, including two eateries in the Syracuse area, the company showed its continuing interest in keeping the Auburn–area Pizza Hut open. According to Bouck, the lease was set to expire in about one year, and the company wanted to ensure that it would be able to retain the real estate and the location, and not just the franchise.
The sale included the land and the building and did not include the Pizza Hut business, which GC Pizza Hut REO Holdings already owned as a franchisee, per Bouck.
“The GC franchise company is a very aggressive, and growing group, and I would anticipate there would be further upgrades and changes in this local operation, which will also show their commitment to the area and the people. We are certainly looking forward to a continuing relationship with the company,” Bouck said in a release.
