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| 51 East Ramona Expressway, Perris, CA |
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| Eric Vu |
PERRIS, CA -- Hanley Investment Group Real Estate Advisors, a
nationally recognized real estate brokerage and advisory firm specializing in
retail property sales, announced today that the firm completed the sale of a
new construction single-tenant retail property occupied by Del Taco at 51 E.
Ramona Expressway in Perris, California.
The property’s corporate guaranteed,
absolute, triple-net lease has more than 18 years remaining on its 20-year
initial term. The sale price was $2.81 million, representing $1,364 per square foot and a 4.07 percent cap rate, a record low cap rate for a single-tenant Del Taco in Riverside County.
Hanley Investment Group Senior Associate Eric Vu and Executive Vice President Bill Asher, along with President Ed Hanley, represented the seller, a developer based in Orange County, California. Paul Bahk at Realtex Properties Inc. of Los Angeles represented the buyer, a private investor based in Los Angeles.
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| Bill Asher |
The freestanding 2,060-square-foot Del
Taco, which was built in 2016, has a drive-thru and is located on a 0.36-acre
pad to the newly renovated Expressway Center shopping center at the signalized
intersection of Ramona Expressway and Perris Boulevard which has a
combined estimated traffic count approaching 70,000 cars per day.
The property is easily accessible via
Interstate 215. Average daily traffic counts at the Ramona Expressway exit on
Interstate 215 are 145,000 cars per day.
“This was a highly sought-after single-tenant investment due to the initial long-term corporate lease combined with the high-traffic signalized intersection location,” said Vu.
“This was a highly sought-after single-tenant investment due to the initial long-term corporate lease combined with the high-traffic signalized intersection location,” said Vu.
“Del Taco is highly visible from the corner of Ramona Expressway
and Perris Boulevard, two well-traveled thoroughfares that connect Perris
to Moreno Valley and includes immediate accessibility to a strong daytime
workforce generated from approximately 18.2 million square feet of nearby
distribution centers.”
“Through Hanley Investment Group’s strategic marketing efforts, we generated five qualified offers in the first three weeks of marketing the property, secured a Southern California-based 1031 exchange buyer at 98 percent of list price, and negotiated a significant non-refundable deposit from the buyer upon opening escrow,” said Asher.
“Through Hanley Investment Group’s strategic marketing efforts, we generated five qualified offers in the first three weeks of marketing the property, secured a Southern California-based 1031 exchange buyer at 98 percent of list price, and negotiated a significant non-refundable deposit from the buyer upon opening escrow,” said Asher.
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| Ed Hanley |
“Investor response to this offering
clearly demonstrated the continued demand for well-located single-tenant
fast-food investments like Del Taco.” Del Taco
Restaurants, Inc. is the 2nd largest Mexican-American QSR chain by units in
the United 22.
The Del Taco sale in Perris comes on the heels of other recently completed fast-food or quick-serve restaurant transactions by Hanley Investment Group including Raising Cane’s in La Habra, which achieved the lowest cap rate ever nationwide.
Hanley Investment Group also has many
other quick-serve restaurants for sale including Carl’s Jr. in Hemet and
Dunkin’ Donuts in Victorville, California; Popeyes Louisiana Kitchen in Post
Falls, Idaho; Bush’s Chicken in Georgetown, Texas; Whataburger in Oklahoma
City, Oklahoma; Arby’s in Black River Falls, Wisconsin; Church’s Chicken in
Belleville, Illinois; and multiple Starbucks located throughout
California.
For more information, please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963
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