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10/31/17
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An unnamed family trust paid $2.5 mil for a single-tenant, triple-net leased retail property occupied by Jack in the Box in Salinas, CA. The deal closed at a 4.75% cap rate.
The 2.1k sf ($1,190/sf) property is located 645 S. Main Street. Jack in the Box agreed to a 20-year lease upon close of escrow.
Justin Mendelson and Joshua Berger with Charles Dunn Company represented the buyer and the seller, a publicly traded institution. Mendelson and Berger’s Restaurant Group has sold 13 single-tenant Jack in the Box-leased properties over the past 17 months. They also represented the sellers on two recently closed Jack in the Box-occupied properties in North Carolina and Texas.
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