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1031 Investors Pay $24M for Del Taco Portfolio

IRVINE, CA-A locally based group of exchange investors acquires the 15-store portfolio from Lake Forest, CA-based Del Taco in a sale-leaseback.

By Bob Howard | Updated on September 17, 2008

IRVINE, CA-A locally based group of investors in a 1031 exchange have acquired a 15-store portfolio from Del Taco restaurants in a sale-leaseback, according to Faris Lee Investments, which brokered the deal. The restaurants are located in Arizona, California and Nevada and were built between 1998 and 2002.

The buyer was Innovative Property Partners LLC, a group of investors based in Orange County, who were represented by Richard Walter and Dennis Vaccaro of Faris Lee, which is based in Irvine. Del Taco Corp., which represented itself in the transaction, executed 20-year absolute NNN leases with the buyer and will continue to operate the properties.

Del Taco was founded in 1961 and operates or franchisees more than 510 restaurants in 16 states. The company is based in the Orange County city of Lake Forest.

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