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6/25/24
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A private investor paid $6.15 mil for a ground leased property occupied by a 5k sf Chick-fil-A restaurant in Murrieta. The new construction property is located at 27960 Clinton Keith Rd, adjacent to the east side of I-215. It recently opened for business in March this year and has a 15-year ground lease in place.
The transaction marks two sales records. First, at 3.9%, it is the lowest cap rate for a Chick-fil-A property sold this year nationwide. Second, the sale is the lowest cap rate this year for all Quick Service Restaurant (QSR) sales in Southern California with annual rent above $200k.
Situated on 2.09 acres, the property is strategically positioned within an expanding retail corridor with numerous plans for additional development. Nearby development projects include a 522 home single-family residential project in Murrieta Hills; a 210-unit apartment complex near Interstate 15; and a commercial and retail center, among others.
The Chick-fil-A property sale is part of a break-up strategy valued in excess of $20 mil for the Class A pads at The Vineyard Shopping Center, a 26.3-acre retail project anchored by Costco Wholesale and ALDI near Interstate 15. Other parcels being sold by SRS include Chase Bank, Chipotle and Verizon Wireless, Ono Hawaiian BBQ, and Ramona Tires.
Winston Guest, Matthew Mousavi and Patrick Luther with SRS Capital Market represented the seller and developer of the property, Newport Beach-based Sage Investco, as well as the all-cash buyer, a private family trust from California.
“High profile retail developments like this in Southern California can take years to get to this point and are scarcer as markets saturate and become further developed,” noted Guest. “The remaining parcels for sale adjacent to this Chick-fil-A represent some of the best real estate available, and we expect the demand for those to increase as a result of this record-breaking sale.”
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