John Galardi opened his first hot dog stand, called Wienerschnitzel, in 1961. Galardi Group operates and franchises approximately 350 Wienerschnitzel retail locations, most co-branded with Tasty Freeze. The property was held in a partnership where one party passed and both estates chose to liquidate their holdings. The lease with the base rent at $36,000 per annum had expired prior to acquisition. BR Long Beach LLC negotiated a sales price based on the new annual net operating income (NOI). During the due diligence period, BR Long Beach LLC structured a 10-year renewal at $48,000 per annum plus annual increases based on an analysis of the gross the sales revenue over the past 5-years. The LLC acquired the site for cash within 45 days from the purchase contract execution. East Artesia Boulevard is a main thoroughfare and the 91 freeway exit is less than ¼ mile from the site. The tenant continued to pay percentage rent over most of the original lease term and recently extended their lease.
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