A recently-opened Taco Bell in Anaheim, Calif., is among a select group of Orange County transactions and properties recognized at the 8th annual SPIRE Awards ceremony held at the Samueli Theater in Costa Mesa on March 21. The awards program, hosted by the Orange County chapter of Commercial Real Estate Women, honors local commercial real estate leaders for Superior Performance in Real Estate.
Honored in the Superior Performance in Leasing category, this NNN Taco Bell ground lease at 3270 West Lincoln Avenue is valued at over $2.5 million over its 25-year term. In a collaborative effort with site ownership and neighboring property owners, Coreland Companies Vice President Ben Terry guided the execution of the lease.
The site, a former service station, was demolished and sat as a vacant lot for more than 15 years. It faced numerous development challenges, including size, parking restrictions, environmental remediation issues and municipal setbacks. Taco Bell had sought the location in the past but could not find a way to make it work.
Thanks to the team’s efforts, the lease took a community eyesore and turned it into a new development with site improvements and street-side landscaping. It also kicked off the renovation and re-tenanting of the adjacent strip center. Taco Bell celebrated it’s opening in March.
For a complete list of all nominees in the eight categories recognized, please the Feb. 25 OCBJ SPIRE Awards Supplement or visit www.crew-oc.org.