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8/29/19
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A single-tenant Popeyes Louisiana Kitchen drive-thru restaurant in the Inland Empire city of Beaumont sold for $2.265 mil, or $1,006 per sf. Popeyes is on a 20-year absolute NNN lease with 18+ years remaining. The property, located at 501 East 5th St, was purchased by a San Jose-based investor.
Built in 2008, the recently upgraded 2.3k sf restaurant is located immediately adjacent to the heavily traveled I-10 Fwy along the Beaumont Ave off-ramp and benefits from excellent access, pylon signage and approximately 152,000 cars per day passing by the site. The restaurant is operated by an established franchisee with multiple locations throughout Riverside County.
With a population that has tripled since 2000, Beaumont is the fourth fastest growing city in California. Furthermore the area has attracted significant e-commerce industrial development, including a new 640k sf Amazon fulfillment center, creating a strong daytime workforce.
Greg Bedell, CCIM, with Progressive Real Estate Partners represented the seller, a private Riverside-based investor. The buyer was repped by Cindy Hipwell of Hipwell Real Estate.
According to Bedell, “The buyers were seeking a 1031 exchange property that was non-management intensive and a secure investment that would provide stable cash flow.” The listing generated nine qualified and competitive offers.
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