STOCKTON, Calif. – (RealEstateRama) — 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.
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.