Alice, Texas — Hanley Investment Group has arranged the sale-leaseback of a single-tenant retail property located in Alice. Dairy Queen occupies the 2,608-square-foot building on a 20-year absolute triple-net-lease basis which includes 2 percent rent increases every five years. Originally built in 1983 and renovated in 2015, Dairy Queen has operated at this location for more than 30 years.
Garrett Wood of Hanley represented the seller, R&L Lozano Leasing, a company doing business as F&P Development. David Bynum of Bynum Inc. represented the buyer, an entity doing business as Susan Caratan 2011 Trust, a California-based private investor.
F&P Development, an affiliate of F&P Brands, operates 34 Dairy Queen restaurants and four Schlotzsky’s/Cinnabon venues across South Texas and the Corpus Christi area.