Real estate brokerage and advisory firm Hanley Investment Group has arranged the sale of a brand-new construction, single-tenant property occupied by a Taco Bell Drive-Thru in Corona, CA. An undisclosed private investor purchased the property from Evergreen Development at $2.9 million for the 20-year absolute triple-net ground lease.

The 2,000-square-foot Taco Bell is located at 8602 Cajalco Road and is operated by Alvarado Restaurant Nation, which operates more than 200 Yum! Brand restaurants across multiple states. Yum! Brands is the parent company of KFC, Pizza Hut, Taco Bell and The Habit Burger Grill.

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller in the deal. “We generated multiple competitive and qualified offers and procured a Southern California-based all-cash, 1031 exchange buyer. We negotiated a quick 14-day due diligence period and closed escrow before the tenant opened for business,” said Asher.