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2/13/19
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Two SoCal QSR restaurants have sold in recent deals with a combined value of $5.3 mil. The transactions were for a Panera Bread in Lake Elsinore and a DogHaus Restaurant & Brewery in Vista.
Panera Bread, a newly constructed 4.3k sf property located on a pad fronting the newly developed Central Plaza shopping center anchored by Marshalls, ULTA Beauty, Sketchers, & Five Below, sits on the I-15 freeway on/off ramp at Central Ave in Lake Elsinore. The property was pre-sold, as it was still under construction at the time of sale, at a price of $3.8 mil ($883/sf).
Jeff Conover and Chris DePierro with Faris Lee Investments represented the seller, HFC/PRP Elsinore LLC. The buyer, Loan Oak Ranch Inc, was repped by Schuil & Associates.
Conover said, “We were able to fetch a full price (4.75% cap rate) / all-cash buyer from the Central Valley due to the credit of the tenant and the strength of this location.” Furthermore, “the QSR segment of the STNL market remains strong with investors. Thus buyer demand is high, which relates to lower cap rate sales.
The newly constructed 3.6k sf DogHaus Restaurant & Brewery property is located in downtown Vista, within proximity to an abundance of retail, restaurants, theaters, and schools. The area is going through a tremendous residential growth with many single-family, multifamily, and senior housing developments being built nearby. The property sold for $1.55 mil ($430/sf) a 4.78% cap rate.
DogHaus is a craft-casual gourmet hot-dog chain with 44 locations in nine states and more than 100 additional locations to open in the next couple of years. DogHaus is planning on opening 450 locations nationwide and is on the path as one of the fastest growing craft-casual concepts in the country.
Jeff Conover, Scott DeYoung and Hunter Steffien with Faris Lee Investments represented the seller, 227 Broadway LLC. They also repped the buyer, Maddvio California LLC, based out of Northern California.
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