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5/02/16
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A single-tenant, absolute net-leased Del Taco property in Los Angeles sold at a cap rate of 3.63% -- a record low for a freestanding Del Taco nationwide, according to CoStar Group. The 1.8k sf property, located at 2060 S. La Cienega Blvd, just north of the I-10 Fwy, sold for $2.5 mil, or $1,386/sf.
The Del Taco building was built in 1965 on a .24-acre lot at the hard-corner signalized intersection of La Cienga Blvd and Cadillac Ave, with an estimated 83,000 cars per day. The Del Taco 24-hour restaurant has a drive-thru and was completely re-modeled in 2004.
Del Taco is located adjacent to Kaiser Permanente’s 15-acre West Los Angeles complex, which has 305 beds, over 2,900 employees and 517 physicians. McChesney also noted that there are one million people within five miles of the property with an average household income of $78,000.
Jeremy McChesney with Hanley Investment Group represented the seller, a private investor from Orange County. The all-cash buyer, a local family trust, was repped by Shah Noorvash with Coldwell Banker Commercial in Beverly Hills.
According to McChesney, the Del Taco lease has nine years remaining on the original lease term guaranteed by a one-unit Del Taco franchisee. The lease also includes four five-year options to extend with increases.
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