The long-standing Taco Bell in Stockton at Wilson Way, between Oak and Park streets, was recently sold to Sacramento-based M&M Trust.
Santa Monica-based TB Stockton, LLC, sold the fast-food restaurant for $1.45 million ($882 per square foot). The 1,644-square-foot Taco Bell has stood at that location for 48 years, with the most recent remodel being completed in 1992.
Hanley Investment Group represented the seller, and Veritas Investment Realty Investors of Rocklin represented the buyer.
“Many investors were attracted to the strong lease guarantee provided by the tenant, a seasoned operator with 33 existing franchise locations,” said Corey Olson, Senior Associate with Hanley Investment Group and one of the seller representatives. Olson noted that the location benefits from 280,000 residents within a five-mile radius.
The Wilson Way Taco Bell sits on .34 acres, and is surrounded by other restaurants and shopping.
“Investor demand is extremely strong for well-located quick-service restaurants,” said Pat Kent, Executive Vice President with Hanley, and the other representative on the transaction. “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.”
Taco Bell has 7,000 location throughout the U.S. and 250 overseas.