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7/11/18
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A newly constructed, 2.1k sf single-tenant retail property in the Inland Empire city of Perris was purchased for $2.81 mil by a private investor out of Los Angeles. The deal came in at a price of $1,364/sf and a cap rate of 4.07%.
The property, located at 51 E. Ramona Expwy, is occupied by Del Taco on a corporate guaranteed, absolute, NNN lease with more than 18 years remaining on its 20-year initial term. Built in 2016, the freestanding Del Taco has a drive-thru. It is located on a 0.36-acre pad to the newly renovated Expressway Center shopping center at the signalized intersection of Ramona Expwy and Perris Blvd, which has a combined estimated traffic count approaching 70,000 cars per day.
Eric Vu, Bill Asher and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller, a developer based in Orange County. Paul Bahk at Realtex Properties Inc of Los Angeles repped the buyer.
“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 msf of nearby distribution centers.”
The listing generated five qualified offers in the first three weeks of marketing the property, enabling the seller to secure a SoCal-based 1031 exchange buyer at 98% of list price, and to negotiate a significant non-refundable deposit from the buyer upon opening escrow, according to the team from Hanley.
Vu noted that the sale achieved the lowest cap rate for a Del Taco in the Inland Empire in the last two years and one of the lowest cap rates all-time for a newly constructed Del Taco in Riverside and San Bernardino counties above $2.5 million, according to CoStar.
The property is strategically positioned in a recently remodeled, 100%-occupied shopping center that includes a dedicated signalized entrance to the property on Ramona Expwy. Notable co-tenants in the retail center include Farmer Boy’s, Lake Perris Market & Deli, Metro PCS, and Mobil Gas Station. The property is also located adjacent to May Ranch, the largest master-planned community in Perris. It encompasses approximately 745 acres, 4,500 households, 19,000 people, three schools, and three community parks. May Ranch’s population is estimated to grow by 35 percent by 2022.
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