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10/27/23
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A free-standing, 5.5k sf single-tenant Mexican restaurant property occupied by Culichi Town in Ontario traded for $4.65 mil ($845/sf). Built in 2001, the property is situated on 1.37 acres at 4423 Mills Circle and is an outparcel at Ontario Mills Mall.
The Culichi Town property is a new prototype concept for future restaurants and is located at the intersection of Fourth St and Milliken Ave, just off Interstate 15. The restaurant is a growing brand with approximately 22 locations.
Matthew Mousavi and Patrick Luther with SRS Capital Markets represented the seller, a developer based in Southern California. The buyer was Culichi Lounge, Inc. The closing cap rate was 5.59%. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.
“The property has nine years remaining on its corporate-guaranteed, absolute triple-net lease and due to its location, we received strong interest,” said Mousavi. “As an outparcel to the 1.6 msf Ontario Mills Mall, the restaurant has been performing well with area visitors and residents. We were able to secure multiple offers, finance, and ultimately move forward on a successful close.”
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