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8/02/17
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A 3k sf, single-tenant property occupied by Carl’s Jr in Long Beach sold for $5 mil, or $1,685 per sf. The asset, which was acquired by an unnamed 1031 exchange investor, traded at a 3.85% cap rate, making this the lowest cap rate, highest price per square foot, and highest price point for a Carl’s Jr. or Hardee’s to have ever sold anywhere in the U.S., according to CoStar.
The property, built in 2017, is located at 4511 East Pacific Coast Hwy, at the confluence with E. Los Coyotes Diagonal and Lakewood Blvd. It was completed in June and just opened to the public this month. Frontier Real Estate Investments was the seller.
Matthew Mousavi, Patrick Luther, Garrett Colburn and Townsand Cropsey with SRS’ National Net Lease Group represented the seller in the transaction.
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