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4/16/26
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A newly constructed, 3k sf single-tenant Pollo Campero ground lease in Lake Elsinore traded for $2.925 mil. The deal had a closing cap rate of 4.79%, representing the lowest Pollo Campero cap rate recorded nationwide in nearly four years.
The building sits on 1.10 acres and features a 15 year absolute triple net corporate ground lease with 10% rental increases every five years during the primary term and each of the option periods. The lease includes minimal landlord responsibilities.
The property is located at 29160 Central Ave (Highway 74) in Lake Elsinore, at the signalized intersection of Central Ave and Cambern Ave. It is a pad to a new Stater Bros.-anchored retail development positioned within the trade area’s dominant regional retail corridor, which sees 13 million combined annual visits (according to Placer.ai). Stater Bros. is expected to open between the fourth quarter of 2026 and the first quarter of 2027. Other co-tenants include 7 Eleven (now open), Dutch Bros Coffee (projected to open in the fourth quarter of 2026) and Super Star Car Wash (scheduled to open in April 2026).
The property benefits from excellent visibility along Highway 74/Central Avenue (28,000 cars per day) and immediate access to Interstate 15 (127,000 cars per day). The surrounding trade area includes Costco, Lowe’s, Target, Walmart Supercenter, The Home Depot, Aldi, LA Fitness, PetSmart and other national retailers.
Hanley Investment Group’s Executive Vice President Bill Asher and Executive Vice President and Partner Jeff Lefko represented the seller and developer, Evergreen Devco, a leader in retail, multifamily and industrial real estate development. The buyer, a private investor based in San Bernardino County, was represented by Greg Bedell and Lance Mordachini of Progressive Real Estate Partners.
“We generated multiple qualified offers and procured an all-cash 1031 exchange buyer through an existing broker relationship,” said Asher. “The property sold prior to the anchor tenant, Stater Bros., commencing construction and opening for business, which underscores the strength of the location and tenant.”
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