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9/26/17
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A single-tenant property in Pomona that is NNN-leased to Jack in the Box sold for $3.55 mil ($1,365/sf). The 2.6k sf property is located at 2098 S. Garey Ave, north of the 60 Fwy and east of the 71 Fwy.
Jack in the Box recently inked a new 15-year lease for the property that includes four five-year options and 12% rent increases every five years. The food chain has occupied the free-standing, 28.1k sf site within the Food 4 Less-anchored shopping center since 1994.
Ash Joshi with San Fernando-based Capital Realty Solutions represented the seller, 6814 Lankershim Associates LP of Chatsworth, which has owned the Pomona property since 2004. The buyer was an undisclosed private investor.
Joshi said the property received multiple offers. He noted that investors were attracted to the lease terms, and the creditworthy corporate tenant. The property sold at $200,000 over the initial asking price correlating to a 4.5 percent cap rate, according to Joshi.
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