Hanley Investment Group Real Estate Advisors has arranged the sales of three, single-tenant net lease retail properties occupied by Taco Bell in Iowa and Missouri to three separate buyers. The combined value of the sales was about $7.4 million and traded at record-low cap rates.
In the last 24 months, Hanley Investment Group has sold $400 million in retail properties in the Midwest.
Hanley Investment Group Executive Vice Presidents Jeff Lefko and Bill Asher and Senior Associate Beau Velten, along with Managing Director Jeff Christian with First Street Brokerage, in association with ParaSell, Inc., represented the seller, a San Francisco Bay Area-based private investment company, in the sale of a new 2,053-square-foot Taco Bell building with a drive-thru built in 2020 on 0.68 acres at 5700 East Bannister Road in Kansas City, Missouri.
The buyer was a private investor based in Springfield, Missouri, and was represented by Brad Thessing of Thessing Commercial Properties of Fremont Hills, Missouri. The sale price, which could not be disclosed, represented the second-lowest cap rate for a single-tenant Taco Bell in Missouri in the previous 36 months, according to Lefko.
In Bethany, Missouri, Hanley Investment Group’s Lefko, Asher and Velten, and First Street’s Christian, in association with ParaSell, Inc., represented the seller, a San Francisco Bay Area-based private investment company, in the sale of a new 3,200-square-foot Taco Bell building with a drive-thru built in 2020 on 1.53 acres at 4132 Miller Street (U.S. Highway 136).
The buyer was a family trust based in Central California and was represented by James Bitter of Fortune Associates of Fresno, California. The sale price, which could not be disclosed, represented the lowest cap rate for a fee simple Taco Bell in a tertiary Midwest market. The new construction property with an absolute triple-net lease traded at 99% of the list price, Lefko noted.
In West Des Moines, Iowa, Hanley Investment Group’s Lefko and Asher, in association with Scott Reid & ParaSell, Inc., represented the seller, a Kansas City-based private investor, in the sale of a long-term, absolute triple-net ground lease for a Taco Bell with a drive-thru at 1570 22nd Street.
The 2,989-square-foot Taco Bell building, built in 2012, sits on an 0.87-acre pad at the newly renovated Westowne Center, which is anchored by Michaels and Floor & Décor. The buyer, a private investor based in Jackson, Wyoming, was represented by David Borinstein of Colliers International in San Francisco. The sale price, which could not be disclosed, represented a record cap rate for a single-tenant Taco Bell with a relatively short-term lease in Iowa, and traded at 99% of the list price, according to Lefko.