Del Taco – Norman, OK
Fortis Net Lease is pleased to present this 2,520 SF Del Taco store located in Norman, OK. The property is encumbered with a Brand New Twenty (20) Year NNN Lease which commenced in September of 2017. The lease comes with 10% escalations every 5 years, and has zero landlord responsibilities given its nature. The lease contains Four (5) Yr. Options to renew, each with 10% increases. The lease is corporately guaranteed by Del Taco, LLC.
This Del Taco is highly visible and is strategically positioned in Norman, being only 1.3 miles from the University of Oklahoma, which has over 31,500+ full time annual students. The five mile population from the site exceeds 103,000 while the one mile median household income exceeds $44,000 per year, making this location ideal for a Del Taco. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Del Taco. This investment will offer a new owner continued success due to the financial strength of the tenant, one of the nation’s top QSR restaurants. List price reflects a 4.40% cap rate based on NOI of $112,000.
• Corporate Guaranteed Lease with Del Taco
• 10% Increases in Primary Term, and options
• University of Oklahoma (31k+ Students) is 1.3 Miles from Site
• Adjacent Chick Fil A , Land cost $1.850+ Million
• Ideal, Management-free Investment
• Located Near a hard corner Intersection
• Strong Demographics in the Trade Area