NNN Retail Property Sold by Jake Olson in California
NNN Retail Property Sold
Jake Olson of Vars Real Estate recently sold the NNN retail property located at 339 Joseph Gallo Drive in Livingstone, California for an undisclosed amount. The purchase included the existing lease for a Taco Bell operator with a remaining initial term of over 15 years and options to extend at a considerably higher rental rate. Rent growth is 10% every 5 years, includes options. The Net Operating Income (NOI) is $104,940.00 per year. The freestanding restaurant building is located in Merced County in Central California where Jake has much experience working with NNN properties.
Jake began his career in commercial real estate in Northern California where he negotiated 25 transactions amounting over $9 Million in sales in his first year. Mr. Olson previously worked as a real estate salesperson with Rand Commercial Properties in Modesto, California. Jake is currently living and working in the Los Angeles area but still has numerous business associates in the Central Valley area. Closing a sales transactions out of his home area during the COVID-19 pandemic is an impressive and challenging feat that took perseverance and skill.
NNN Retail Property Details
The Livingston Taco Bell has a large lot with 45,738 square feet of land and 3,193 square foot building. The property is a large 1.05 acre lot boasting a 45 car parking lot and a long sweeping drive through. The parcel is zoned for Highway Service and the modern Taco Bell building with drive thru was built in 2012. The Livingston Taco Bell is located in a retail development off of Highway 99. Over 62,000 cars pass by this location from the highway each day.
The triple net tenant is a Quick Service Restaurant (QSR) operated by Taco Bell. The QSR is located on a large 1.05 acre lot boasting a 45 car parking lot and a long sweeping drive thru. In common language, it would be called a fast food restaurant or a Taco Bell with a drive thru.
Jake Olson of Vars Real Estate represented the seller, DJLJ, LLC. Taj Randhawa of Re/Max Gold represented the buyer, Surinder K. Johal.