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| El Pollo Loco, 15135 Perris Boulevard, Moreno Valley, CA |
IRVINE, CA – Faris Lee
Investments, a leading retail advisory and investment sales firm, has completed
the $1.62 million ground lease sale of a freestanding, 2,975-square-foot retail
property in Moreno Valley, Calif.
The property includes a
newly developed single-tenant restaurant building that is occupied by El Pollo
Loco which has a new, 20-year lease in place. At a 3.98 percent cap rate, the
sale marks the lowest cap rate ever for an El Pollo Loco-occupied asset
throughout the United States, per CoStar records.
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| Jeff Conover |
Jeff Conover
with Faris Lee Investments represented the seller and developer of the
property, Redlands, Calif.-based Infinity RS, LLC. The buyer, San
Francisco-based Ling Trust, was represented by Kidder Mathews.
“Faris Lee began marketing
this property during development and it sold for $10,000 over the asking price
while it was still under construction,” said Conover. “New, single-tenant
assets with long-term leases by recognizable tenants like this property are
highly sought after. Ultimately, we secured multiple offers and sold the asset
for all-cash to a 1031 exchange buyer.”
Located at 15135 Perris
Blvd., El Pollo Loco opened its doors in August 2016. The property is situated
at the signalized intersection of Perris Blvd. and John F. Kennedy Drive which
sees more than 36,000 vehicles per day.
The property is across the
street from numerous national retail brands including 7-Eleven, Jack in the
Box, Cardena’s Supermarket, Boost Mobile, and Little Caesar’s Pizza, and is
near March Air Reserve Base which includes approximately 30,000 personnel.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
Spaulding Thompson
Associates
949.278.6224
