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June 19, 2024
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RETAIL NEWS
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SoCal Single-Tenant Property Occupied by Popeye’s Goes for Nearly $1,000/sf

5/16/24

A private investor paid $3.525 mil for a 2.6k sf retail property in the LA area city of Bell. The deal worked out to a price of $985 per square foot at a 4.75% cap rate.

The property, located at 5133 Florence Ave, boasts a strong tenant in Popeyes, operated by a franchisee with a notable presence across Southern California, managing 10 Popeye’s locations. This investment opportunity featured a long-term absolute NNN Lease with 20 years remaining and two 10-year options, providing stability and potential for long-term returns.

Constructed in 2022, the building offers modern facilities and minimal maintenance requirements. Under the lease agreement, the tenant assumes responsibility for all operating expenses, including taxes, insurance, maintenance, roof, and structure, relieving the landlord of any obligations. With rent increases scheduled every five years, the new owner could anticipate steady growth.

Popeyes' strong tenant profile, coupled with its rapid expansion as the fastest-growing fast-casual chicken restaurant in the nation, particularly in the L.A. market, further enhanced the property's attractiveness as an investment opportunity.

Joseph Gabbaian with NAI Capital Commercial represented the buyer, a private investor, in the transaction. The seller, an LLC, was repped by David Ghermezian with Newmark.




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