Lee & Associates is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest (land & building) in a Del Taco investment property located in the Palm Springs, CA (the “Property”). Originally built in 1982 as a build to suit for Naugles, the Property is currently leased by Del Taco Corporate on a long term lease that consists of a 2,251-square-foot retail building with a drive-thru lane and outdoor patio seating.
The subject property is leased to Del Taco (corporate), an American quick service restaurant chain specializing in Americanstyle Mexican cuisine as well as American foods such as burgers, fries, and shakes. The chain serves over 3 million visitors each week at its approximately 600 restaurants across 15 states and reports sales revenues of roughly $513 million (2019).
Del Taco (formerly Naugles) has operated at this location since 1982 and has executed multiple lease extensions, the most recent a 15-year extension in October 2020 that commences January 1, 2021. The Absolute NNN lease features 10% rent increases every five years in the Primary Term and in the Option Periods.
The tenant has committed to completing a full remodel of the building at their own expense to meet the latest Del Taco prototype façade. The building ideally has a drive through lane and window for pull up service helping to insulate the tenant
from business closures due to COVID-19. Drive through buildings along CA Highway 111 are extremely hard to replicate due to moratoriums in place within the Coachella Valley.
The subject property is ideally located at the intersection of N. Palm Canyon Dr/Hwy 111 & W. Racquet Club Rd., providing excellent visibility and signage to over 24,000 cars per day and providing for easy in/out access via the drive thru. The N. Palm Canyon Dr./Hwy 111 corridor is the main travel route between Interstate 10 and downtown Palm Springs. It’s home to the city’s core shopping district which features vintage boutiques, numerous hotels, and restaurants. It’s also home to services such as the Desert Regional Medical Center, a 385-bed regional medical center with emergency services and the only designated Level II trauma center in the Coachella Valley.
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What is the asking price for 2444 North Palm Canyon Drive in Palm Springs?
The asking price for 2444 North Palm Canyon Drive is $2,880,000
What is the building size of this Retail property in Palm Springs, CA?
The size of the building/unit at 2444 North Palm Canyon Drive in Palm Springs is 2,251 square feet
How much land does the Palm Springs, CA property at 2444 North Palm Canyon Drive include?
2444 North Palm Canyon Drive in Palm Springs includes 0.500 acres of land
What kind of Retail is the propery at 2444 North Palm Canyon Drive?
The property at 2444 North Palm Canyon Drive Palm Springs, CA 92262 is listed as a Free Standing Building Retail property
What is the population within 1 mile of 2444 North Palm Canyon Drive in Palm Springs?
The population within 1 mile of 2444 North Palm Canyon Drive Palm Springs, CA 92262 is 6,076 people.
Who do I contact for questions about 2444 North Palm Canyon Drive?
You should contact the listing agent,
Ryan Barr, for any details regarding this commercial listing.
