GILBERT, AZ-A Del Taco franchisee has sold the 3,330-sf restaurant for $1.75 million to a private investor from Pasadena, CA. The deal closes with 14 years left on the lease, which is paid for by the chain's corporate headquarters in Lake Forest, CA.

According to David Guido of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, Andrew Kaplan and Michael Bennan of nearby Scottsdale had their 2065 E. Baseline Rd. property on the market only a short time before the offers came pouring in. "We had five right out of the pipe when we first started marketing it," Guido says. "This was a single-tenant investment property and these types of investments are highly sought after." He teamed with Marcus & Millichap's Sanford Burstyn and Joe Compagno to represent the seller. Patrick Meaney of J.W. Lewis Co. of Cerritos, CA negotiated for the buyer, Phil Henderson.

Guido says the restaurant, built in 1999, is the franchisee's only commercial asset. "The seller just thought it would be a good time to sell," he tells GlobeSt.com, "and he was correct." He says there is 14 years remaining on the lease term, with, with annual rent averaging about $109,000.