 |
| 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
949.278.6224
No comments:
Post a Comment