|
|
3/07/23
|
A new construction, 4.8k sf two-tenant Chipotle Mexican Grill Drive-Thru pad at Freedom Point Plaza in Roseville sold for $4.045 mil ($843/sf). Freedom Point Plaza is anchored by TopGolf and Living Spaces.
The pad property, occupied by a Chipotle Drive-Thru and Sushi Roku, is situated on 1.56 acres adjacent to Highway 65 (97,000 cars per day) at 4200 Thrive Drive in Roseville. It was purchased by a private investor from Stockton. The deal closed at a 5.00% cap rate.
In addition to TopGolf, Living Spaces, Peets Coffee, Jersey Mike’s Subs, Noah’s New York Bagels Home2 Suites by Hilton and Residence Inn by Marriott at Freedom Point Plaza, other surrounding tenants in the area include Target, Walmart Supercenter, Costco, Kohl’s, Sam’s Club, Lowe’s, The Home Depot and Winco.
Jeff Lefko and Bill Asher with Hanley Investment Group Real Estate Advisors represented the seller, Covenant Real Estate Group of Irvine. The buyer was repped by Scott Pesch of CB Commercial Pacific Partners in Eureka, CA.
“We generated multiple offers within the initial weeks of formally marketing the property for sale and immediately procured a 1031 exchange buyer who lived one hour from the site,” said Lefko. “Even with rising interest rates and a single-unit operator for Roku Sushi, the buyer demand for the investment was very strong, and we achieved a closing cap rate for the sale that was representative of both tenants having a corporate credit lease. This sale also demonstrates that there is still a very active buyer pool for irreplaceable, top-tier real estate.”
According to Lefko, the property is located in one of the highest-performing retail corridors in the region and benefits from excellent freeway accessibility, identity and visibility. Highway 65 connects to Interstate 80, just a five-minute drive south of the property, providing freeway access from Roseville and Rocklin to Downtown Sacramento or to the Sacramento International Airport.
“Roseville is the largest city in Placer County and one of the most sought-after areas in the Sacramento MSA due to its affluent average household incomes of $145,356 within a one-mile radius,” said Lefko. “The area has reported a 19% increase in population within a five-mile radius from 2010 to 2020.”
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
