HOUSTON, November 3, 2014 – Houston based HighStreet Net Lease Group successfully completed the sale of a Taco Bell corporate ground leased asset in the Dallas / Fort Worth Metroplex. The property has a long history of success as a Taco Bell operation and received immediate interest from multiple parties, ultimately trading at a record capitalization rate for a Texas Yum! Brands guaranteed site.
The Seller was an early franchisee of Taco Bell dating back to the 1960s and successfully operated this location until Taco Bell bought them out and signed a new ground lease in 1985. Corporately run for nearly 30 years, the store recently had its lease extended early through 2032.
Taco Bell has indicated that this is one of their highest grossing stores in the Metroplex. The proven backstory and long term lease were integral components in achieving the final sales price.
“The velocity of this transaction is indicative of the current state of the single tenant net leased market,” said Matt Moake of HighStreet. “The demand for well-located single tenant assets with long corporate leases in place is extremely high as investors seek management free income with minimal concerns regarding tenant turnover. We received a tremendous amount of interest and multiple offers within 48 hours of actively listing the property for sale, and closed at asking price. Our client was very pleased with the timing of the transaction as they already had their exchange property selected.”
The property was purchased by a private out of state investor that was represented by Joseph Compagno of CBRE Capital Markets based in Phoenix. The Seller was a private Dallas based owner/developer.
About HighStreet Net Lease Group
HighStreet Net Lease Group specializes in the acquisition and disposition of net leased retail assets throughout the United States. The driving force of HighStreet as a net lease brokerage firm is to assist clients in achieving their investment goals. Whether through the disposition of an asset at the highest possible price using their proven platform, or an acquisition of a core property at an attractive return, the company is constantly seeking unique and attractive opportunities for their Seller and Buyer clients.
Learn more about HighStreet Net Lease Group.
For more information:
C. Pharr & Company for HighStreet Net Lease Group
(office) (972) 931-7576 ext. 354
(cell) (972) 896-0947