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| Taco Bell, 627 North Wilson Way, Stockton, CA |
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| Pat Kent |
STOCKTON, CA -- Hanley
Investment Group Real Estate Advisors, a nationally-recognized real estate
brokerage and advisory firm specializing in retail property sales, arranged the
sale of a single-tenant absolute net-leased Taco Bell property located at 627
N. Wilson Way in Stockton, Calif.
The tenant has a 48-year
operating history at this location. The purchase price was $1.45 million or
$882 per square foot.
Hanley Investment Group
Executive Vice President Pat Kent,
along with Senior Associate Corey Olson,
represented the seller, TB Stockton, LLC of Santa Monica, Calif. The buyer,
M&M Trust of Sacramento, Calif., was represented by Stephen Harper of Veritas Investment Realty Investors of Rocklin,
Calif.
“Investor demand is
extremely strong for well-located quick-service restaurants,” said Kent. “This
is evidenced by the fact that we were able to generate seven highly-qualified
offers within our first week of marketing efforts and we negotiated a timely
15-day escrow.”
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| Corey Olson |
The 1,644-square-foot Taco
Bell building sits on a .34-acre lot along North Wilson Way, a major
north/south thoroughfare, which has an excess of 30,000 cars per day at the
nearest intersection.
Remodeled in 1992, the
building benefits from a large monument sign, a highly-visible street-front
location and a drive-thru.
It is also located directly across from Eastland
Plaza, a grocery-anchored neighborhood shopping center.
Other fast-food tenants
in the immediate area include McDonald’s, KFC, Burger King, El Pollo Loco, Long
John Silver’s and Panda Express.
Olson noted that Stockton
is the 13th most populated city in the state of California with 700,000 people
in the metro and the property benefited from that density with more than
280,000 people within a five-mile radius. “Additionally, many investors were
attracted to the strong lease guarantee provided by the tenant, a seasoned
operator with 33 existing franchise locations,” Olson noted.
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| Stephen Harper |
Taco Bell and its more than 350 franchise organizations proudly serve over 42 million customers each week through 7,000 restaurants across the nation, as well as through its mobile, desktop and delivery ordering services.
Overseas, Taco Bell has over 250
restaurants, with plans to add 2,000 more restaurants internationally within
the next decade. In 2016, Taco Bell was named as one of Fast Company’s Top 10
Most Innovative Companies in the World.
“Net-lease investors are
risk-averse and single-tenant restaurants provide stable returns, long-term
safety and are internet resistant,” Kent said. “The attraction to this investment
type is substantiated by the trade volume of single-tenant restaurants, which
accounted for 26 percent of all single-tenant retail transactions in the state
of California since the start of 2017, according to CoStar.”
For a complete copy of the company’s
news release, please contact:
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