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LOS ANGELES COUNTY NEWS
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Private Investor Buys Valencia Red Lobster Property for $379/sf

6/17/16

A 9.5k sf Red Lobster in Valencia sold for near $3.6 mil ($379/sf), in a deal that had a 6.85% cap rate. The property, located 27524 The Old Road, west of I-5 and south of Magic Mountain Pkwy, was 100% leased to Red Lobster at the time of sale.

The asset was purchased by Simonian Family 2008 Trust as a single-tenant, net-leased fee interest investment. The single-story building is situated on 1.15 acres of land prominently located on Valencia’s Restaurant Row, under the iconic 6 Flags Magic Mountain / Hurricane Harbor sign adjacent to I-5. Red Lobster has occupied the space since 1986.

Red Lobster originated as a single seafood restaurant in Lakeland, FL in 1968 by the company founders Bill Darden and Charley Woodsby. It is now one of the world’s largest casual dining seafood restaurant companies. It has over 700 restaurants in the United States and Canada with more than 58,000 employees and generates about $2.5 bil of annual revenue.

The property is in a bustling and expanding market area with almost 400,000 cars passing the site per day. The Tournament Players Club and Valencia Country Club are within a very close proximity. Planned developments in the immediate market area include Entrada Gateway Center, a 75-acre, mixed-use business park which includes Sunkist Office Campus, retail and residential condos. Newhall Ranch has planned a 12,000-acre residential and business development to include 9 msf of retail, office space and 21,000 residential units.

Yair Haimoff, Randy Cude and Steve Body with NAI Capital represented the seller Marquis Valley View LLC, in the transaction.





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