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5/02/22
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The ground lease (land ownership) of a 3.6k sf, two-tenant, two-building property in San Luis Obispo traded in a recent $3.725 mil transaction. We’re told this sale sets a record-low cap rate of 4.84% and highest price per square foot of $1,047 over the past 10 years for free-standing fast food-occupied assets in the city.
The property is located at 374 and 390 Santa Rosa St. Jack in the Box occupies one building, of 2.6k sf, and Taco de Mexico occupies the other building, of 973 sf.
Situated on 0.80 acres of land, the property is just one mile from California Polytechnic State University with more than 21,000 students. It also is near the on/off ramp to U.S. Highway 101 as well as an under-construction student housing complex directly behind the property. It is surrounded by a number of hotels, restaurants and retail, creating a strong consumer base to draw from.
Steven Roberts, Matthew Mousavi and Patrick Luther SRS Real Estate Partners’ National Net Lease Group represented the seller, a California-based private investor. The buyer, who was in a 1031 exchange and is a California-based private investor, was repped by Mark Hong of Korus Real Estate.
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