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5/06/08
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One of the most popular types of investment products is fast food restaurant stores that are NNN-leased to major chains. In this update we’ll take a look at three recent such deals, all for Arby’s restaurants in SoCal and all brokered by Kevin Boeve and Kyle Irvin of Marcus & Millichap.
We’ll start in Chula Vista, where a 3k sf Arby’s at 2244 Otay Lakes Rd sold for $3.04 mil, or 1,013/sf. The well-maintained property is located at the epicenter of a popular retail shopping area, as the premier pad at the front of East Lake Village, a 145k sf Vons-anchored shopping center. Boeve and Irvin handled the listing for the seller, a California-based investment group.
2410 S Archibald Ave, Ontario |
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In Ontario, a 3.1k sf Arby’s at 1037 West Rancho Vista Blvd, on a premier pad along a restaurant row surrounding the Antelope Valley Mall, also sold for $3.04 mil, or $996/sf. Boeve and Irvin brokered the deal for the seller, a California-based investor.
And the third sale was also in Ontario, where a 3.3k sf Arby’s at 2410 South Archibald Ave traded for $1.48 mil, or $453/sf. The asset is on a corner pad in the Pacific Center, located directly off the east-bound State Hwy 60 Archibald Ave off-ramp. Boeve and Irvin represented the seller in the transaction.
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