Thursday, July 5, 2018

Hanley Investment Group Arranges Sale of New Single-Tenant Del Taco in Perris, CA for $1,364 PSF


51 East Ramona Expressway, Perris, CA

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.

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.

 “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.

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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