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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.
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Last modified: May 25, 2011