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10/21/22
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Two single-tenant retail properties that are outparcels to Country Fair Shopping Center in Chino were purchased by private investors in separate deals totaling $6.17 mil. The sales included quick-service-restaurant assets occupied by Wienerschnitzel and Carl’s Jr. and were part of a break-up strategy designed to maximize overall value.
Country Fair Shopping Center is a 168k sf regional center anchored by Albertson’s, PetSmart and Rite Aid. It located on Central Ave a primary commuter thoroughfare with nearby direct on/off ramp access to State Hwy 60.
Wienerschnitzel, located at 11901 Central Ave, sold for $2.44 mil. The 1.6k sf property was built in 1976 and is situated on .37 acres. The tenant has approximately seven years remaining on its corporate lease. At a 3.75% cap rate, the property sold for the lowest cap rate ever for a Wienerschnitzel property in the Inland Empire as well as a record low cap rate ever for a QRS asset in Chino.
Carl’s Jr. is located at 12005 Central Ave and sold for $3.726 mil. The 3.8k sf property was built in 2016 and is situated on .39 acres. The property sold for a 4% cap rate and has about 12 years remaining on its corporate lease.
Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the seller, a SoCal-based private investor. The two CA-based private investors paid all-cash. According to Mousavi, breaking up the two assets to sell separately created a larger potential buyer pool, maximizing the ultimate value for each property.
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