Located at 1319 Dunn Avenue in Jacksonville, Florida, this Taco Bell property consists of a 2,808 sq.ft., building that sits on a 0.38-acre parcel of land. The agreement has only two years remaining on the base term of the lease with two (10 years) options to extend, including a 1.5 percent annual increases in rent. Taco Bell has this property on an absolute NNN lease, which means the company is responsible for procuring and paying all operating expenses, including property taxes and insurance, and utilities. The tenant needs to look after the repairs and replacements of the building, sidewalks, parking areas, roof, and structure. Southeast QSR LLC, owned by Prometheus Partners LP, backs the lease. The company owns and operates YUM! Brands franchises located in five states – Alabama, Florida, Georgia, Mississippi, and South Carolina. The company operates a total of 58 Taco Bell restaurants and Pizza Hut Express restaurants.
Headquartered in Martinez, Georgia, Southeast QSR Holdings, LLC was founded in 1987. With over 5,800 restaurants in the United States and serving over 2 billion customers every year, Taco Bell is the world’s leading Mexican-style quick-service restaurant chain. It is an American chain of fast-food restaurants based in Irvine, California. More than 80 percent of Taco Bell restaurants are owned and operated by independent franchisees.
This investment property is suitable for a 1031 exchange.
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