Thursday, February 16, 2017

Pizza Hut & Maywood Mart settle

Pizza Hut and Maywood Mart settled their lawsuit in January.   Maywood Mart is tried to terminate Pizza Hut's lease but Pizza Hut took the fight to court.   The settlement agreement was not disclosed.

JJ reported in July that Pizza Hut sued Maywood Mart owner Tei Equities, LLC (NY) in U.S. District Court.  Pizza Hut alleged that Tei had been trying for several months to move out of its current Maywood Mart location facing I-55N.  It is easy to see why Pizza Hut wants to stay where it is in the shopping center.  The storefront faces the interstate, is highly visible, and is in front of the entrance to the shopping center. Earlier post. 

 However, Tei had other plans for Pizza Hut.  It wanted to move Pizza Hut to another location in the shopping center.  It forced out the tenants that were north of the Pizza Hut location and replaced the building with the current Petco store.

Pizza Hut has a lease that expires in 2020.  It pays annual rent of $29,186. Pizza Hut accused Tei of attempting to kick it out of its current site so it could rent the location to another tenant that will pay higher rents.  Tei said Pizza Hut's building is unsafe.  It claims Yazoo clay caused the roof to change its shape.  Water no longer falls off of the roof but instead ponds.  It alleges the ponding has become dangerous and the only way to solve the problem is to demolish the building.  Tei also claimed that if offered another location in Maywood Mart to Pizza Hut that was higher then its current rent but lower than what the market value rent would be (Is this "market value rent" something like Amazon's list price?).

Pizza Hut argued only 25% of the property was damaged- if any was damaged at all by the alleged ponding.  Tei counterclaimed and asked the court to terminate the lease as well as awarding damages to the New York-based landlord.  Pizza Hut was represented by Lord Snow while Brunini represented the landlord.


Anonymous said...

Probably spent more that one year's lease paying those overpriced lawyers.

Anonymous said...

When the lease expires in 2020 they will be forced out.

Anonymous said...

no shat 10:08! You should apply for Harvard Law with that steel trap mind...

Anonymous said...

Come on guys, lawyers are people too.

Anonymous said...

10:08: Unless the lease contains options for the Tenant to renew, of course they'll be forced out. By your own admission, the lease will expire in 2020, which will leave the Tenant with no authority to remain in the space.

Anonymous said...

what it allows the tenant to do is locate alternative space, prepare its marketing and advertising to reflect the new space, and stick it to the LL for another 3 years in the interim.....

Big LLs think they can just pull the plug on the tenants....and its not that easy.....

There is always a better way to handle things...this is a good example of that.

Messick said...

Get that Stuffed Crust Pizza while you can!

Anonymous said...

I am so relieved. I have been worried sick about this being resolved.

Anonymous said...

Amen, 1:41. I've opened this site first thing each morning hopeful that this would be the day we'd learn the fate of a leasehold dispute involving Pizza Hut. Finally! It's like Christmas!

Kingfish said...

I get why you say that but believe it or not, the posts on this dispute has drawn a great deal of traffic. Apparently, many people are interested in this story. It surprised me too.

These Pizzas Is The Bomb! said...

3:16....It's Posts HAVE.

Anonymous said...

So, you brain surgeons are assuming lease terms were not part of the settlement? Don't bet on it. Pizza Hut will be there for a long time.

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