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LAS VEGAS-Two net-leased restaurant properties have changed hands for $731 per square foot, according to Faris Lee Investments, which represented the sellers. The locations are net leased for the next 20 years with corporate backing and 10% bumps every five years, according to local industry sources.

The $3.75-million purchase price for the two Del Taco restaurants represents a cap rate of 7.5% for the new owner. The sellers were Innovative Property Partners LLC and Visionary Partners LLC. The all-cash buyer was the Jang Family Trust from Arizona, which was in a 1031 exchange.

Faris Lee directors Dennis Vaccaro and Matthew Mousavi represented the sellers. Marcus & Millichap represented the buyer.

“[The] absolute NNN corporate-backed leases [provide the] investor long-term security of income and virtually no management responsibilities,” Vaccaro says. “Both properties also benefited from the synergy created by the strong adjacent anchor tenants.”

Built in 1999 and situated on .62 acres, one of the Del Taco properties is located at 5226 South Boulder Highway and totals 2,308 square feet. It is located in full-service Albertson’s with gas station shopping center. The other location, a 2,820-square-foot store built in 2001, is situated on .95 acres at 4380 North Nellis Blvd., in front of a Wal-Mart Super Center with gas station adjacent to the main entrance to the Nellis Air Force Base.

In other retail news, Smoky Bones, a restaurant, finalized a 60-month lease, $1.1-million lease for 9,800 square feet at 1800 E. Flamingo Road, according to the local Colliers International office, which represented the building owner, Truck Underwriters Association. Colliers’ Scot Marker had the assignment. The local office is part of Colliers Nevada LLC, a subsidiary of San Jose, CA-based Colliers Parrish International that operates 11 Colliers’ offices in California and Nevada.

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