Taco Bell is a Mexican-inspired quick service restaurant. Taco Bell typically features a 1,800 – 2,200 square foot building with a drive-thru window, situated on 0.5 – 1.2 acre of land. It is important to note that Taco Bell franchises the majority of its locations. There are a number of various lease agreements and guarantors operating under the Taco Bell banner. As a result, lease terms vary as do cap rates based on the size and strength of the operator and sales at a particular location. The most common lease term is 20 years with four (4) five-year options with increases of 10% every 5 years. Glen Bell opens his first Taco Bell restaurant in Downey, CA, serving what his customers called “Tay-Kohs.” In 1978, Glen sold 868 Taco Bell restaurants to PepsiCo Inc., who then announced the spin-off of its quick service restaurants – KFC, Taco Bell, and Pizza Hut now known as Yum! Brands, Inc. Taco Bell serves made-to-order and customizable tacos and burritos, among other choices, and is the first QSR restaurant to offer American Vegetarian Association (AVA)-certified menu items. Taco Bell and it’s more than 350 franchise organizations proudly serve over 42 million customers each week through nearly 7,000 restaurants across the nation. As the leading Mexican-inspired quick service restaurant brand, Taco Bell plans to have 8,000 restaurants by the year 2023 which they anticipate will add an estimated 100,000 jobs nationwide. Yum! Brands is ranked number 218 on the Fortune 500 list, with revenues exceeding $6 billion in 2016. Other QSRs under the Yum! Brands banner include Pizza Hut and KFC.