- 6 - San Bruno, California, which is approximately 8 miles from San Francisco. In 1992, decedent and the Trust agreed to a 35-year lease to Walgreen Co., a pharmacy/retail business, to commence in 1993. At the time of decedent’s death, there were approximately 34 years remaining on the lease. The parties agree that the fair market value of a 100- percent interest in the Walgreen property was $2,670,000 as of the valuation date. Wells Fargo Property Decedent and her husband owned the Wells Fargo property at least since 1977. The Wells Fargo property is a 14,400-square- foot site, with an 8,051-square-foot, single-story, commercial building on it, built in 1978. The building was in very good condition at the time of decedent’s death. The property is located in a commercial/retail complex and fronts a heavily traveled arterial street in the city of Los Altos. Los Altos is approximately 30 miles from San Francisco. In 1977, decedent and her husband agreed to a 25-year lease to Wells Fargo, a retail banking operation, to commence in 1978. At the time of decedent’s death, approximately 10 years remained on the lease. The lease was a triple-net lease, meaning that the property owners bore none of the operating costs.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011