Monday, September 28, 2015

Faris Lee Investments Completes the Sale of a Jack in the Box Property in Bakersfield, CA at a 3.99% Cap

John Redfield
IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $1.85 million sale of a 3,734-square-foot single-tenant property that is absolute NNN-leased to a corporate Jack in the Box in Bakersfield, Calif.

John Redfield, Thomas Chichester, and Joseph Chichester of Faris Lee Investments represented the seller, a private investor from Newport Beach, Calif. The buyer was a private investor from Cypress, Calif.  that was seeking a passive property offering investment security.

The sale closed at a cap rate of 3.99 percent, one of the lowest ever recorded for a Jack in the Box-occupied property nationwide.

Located at 3002 Ming Ave., Jack in the Box has been the original tenant since the property was developed nearly 50 years ago. The asset features a large monument sign that is visible to more than 41,000 vehicles on a daily basis.

“The single tenant net leased market is still seeing cap rate compression, especially for well-located, quick serve restaurants featuring corporate name brand tenants like this asset offers. They represent a stable and passive investment for private buyers and family offices that are seeking long-term returns and no landlord responsibilities,” said Tom Chichester.

Chichester added that the property is ideally situated across the street from the successful Valley Plaza Mall, a 1.1 million-square-foot retail center which is the largest and most dominant mall in Central California’s San Joaquin Valley.

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates

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