The Cooper Commercial Investment Group closed the sale of a single-tenant, absolute NNN Taco Bell that is an outparcel to the Hunter’s Ridge Shopping Center in Gahanna, Ohio.
Dan Cooper of the Cooper Commercial Investment Group represented the seller, a private investment group in Florida. The buyer, who was found by the Cooper Commercial Investment Group, purchased the asset for $1.7 million, representing a 4.5% CAP and $694 a square foot.
The Taco Bell is on a 20-year lease extension beginning in 2020, leaving about 17 years of term remaining. The lease includes rent increases every five years and also offers 10% increases in each option period.