Exchange Investor Pays $540/sf for Single-Tenant, Retail Property in Moreno Valley

A freestanding, 3k sf retail property in Moreno Valley sold for $1.62 mil, or $540/sf. The property includes a newly developed single-tenant restaurant building that is occupied by El Pollo Loco, which has a new, 20-year lease in place.
Located at 15135 Perris Blvd, El Pollo Loco opened its doors in August 2016. The property is situated at the signalized intersection of Perris Blvd and John F. Kennedy Dr, which sees more than 36,000 vehicles per day. The property is across the street from numerous national retail brands including 7-Eleven, Jack in the Box, Cardena’s Supermarket, Boost Mobile, and Little Caesar’s Pizza, and is near March Air Reserve Base which includes approximately 30,000 personnel.
At a 3.98 percent cap rate, the sale marks the lowest cap rate ever for an El Pollo Loco-occupied asset throughout the United States, per CoStar records. The buyer was San Francisco-based Ling Trust.
Jeff Conover with Faris Lee Investments represented the seller and developer of the property, Redlands-based Infinity RS LLC, in this all-cash deal. The 1031 exchange buyer was repped by Kidder Mathews.

FARIS LEE NEWS

Subscribe to receive news direct to your inbox.

Copyright © 2019 Faris Lee Investments