1630 E Southport Rd
Indianapolis, IN 46227
Papa John's Corporate Ground Lease · Retail Property For Sale

Marcus and Millichap is pleased to present this Papa Johns NNN ground lease in Indianapolis, Indiana.   This property was originally built for the Burger Chef restaurant chain in 1967 which was then sold to Imasco, the owners of Hardee’s, in 1982. In 1997 the lease was assigned to “Papa John’s USA, INC”, a subsidiary of Papa John’s International Inc, who immediately requested a 5 year extension on the lease lasting through 2002. They continued to extend the lease by 5 year terms with monthly rent increases occurring in each extension until 2012 when Papa Johns signed a 7 year extension. Most recently Papa Johns elected to sign a 10 year extended term that will run from December 1, 2019 until November 30, 2029 with a $600 per month rent increase occurring in 2024. Along with the extended term, Papa Johns implemented (1) five-year option period that, if exercised, would run from 2029 through December of 2034.   Papa John’s Pizza is an American restaurant company. It runs the third largest take-out and pizza delivery restaurant chain in the world, with headquarters in Jeffersontown, Kentucky, a suburb of Louisville. Its slogan is “Better Ingredients. Better Pizza. Papa John’s.” Internationally, there are over 4,600 Papa John’s establishments, including over 3,200 in the U.S. and the remainder spread among 34 other countries. In September 2012, Papa John’s Pizza opened its 4,000th restaurant, in New Hyde Park, New York.