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March 28, 2024
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RETAIL NEWS
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Investors Jump Into SoCal IHOP Restaurants

8/28/15

Two SoCal International House of Pancakes (IHOP) restaurants have sold in separate deals totaling $10.625 mil. Scott Hook of Coldwell Banker Commercial Alliance Irvine, along with Guillermo Olais and John Archibald from CBC Alliance Glendale, represented the seller in both deals.

Both properties have long-term leases and are located on substantial land parcels with favorable zoning. In addition, the properties are located on well-trafficked commercial thoroughfares with excellent visibility.

In the larger deal, a 4.8k sf, NNN restaurant building constructed in 1968 on a 50.1k sf property at 2227 N. Figueroa St in LA’s Cypress Park neighborhood, sold for $6.725 mil. The property has approximately 65 parking spaces (with the opportunity for additional parking at an adjacent location), over 220 feet of frontage on N Figueroa St and is situated mid-block between Avenue 26 and I-5 with a traffic count of over 31,000 vehicles per day.

The property is shadow anchored by The Home Depot and directly across the street from another property occupied by McDonald’s. Improvements to the property were completed in 2007, which included ADA upgrades to the restrooms and roofing work.

In the other transaction, a 5.8k sf, NNN-leased freestanding building on a 0.83-acre site at 18782 Beach Blvd in Huntington Beach sold for $3.9 mil. The lease has 10 years remaining and includes annual CPI rent adjustments.

The Beach Blvd thoroughfare has a traffic count of 55,812 cars per day directly and the property includes 127 feet of frontage directly on Beach Blvd. The property is also in close proximity to dense residential neighborhoods with strong annual household incomes.





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