IRVINE, Calif., April 2, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $3.65 million ground lease sale of a single-tenant retail property occupied by Jack in the Box in Santa Fe Springs, Calif. The per-square-foot price of $1,270 is a record high for a fast food property sale in Los Angeles County for the past 12 months in excess of $1.5 million, according to CoStar records.
Matthew Mousavi and Joe Chichester of Faris Lee Investments represented the seller, a private partnership from Orange County, Calif., as well as the buyer, also based in Orange County, who paid all cash. The property closed at a 4.01 percent cap rate.
Built in 1984 and located at 11442 Telegraph Road, the property is situated on .47 acres and totals 2,872 square feet. It is located within Santa Fe Springs Promenade, a shopping center that is newly anchored by 99 Cent Only along with other national retailers including Bank of America, Auto Zone, KFC/Taco Bell and others.
“The seller of the Jack in the Box property is also the current owner of Santa Fe Springs Promenade which they acquired three years ago,” said Mousavi. “With the single-tenant market so hot with high buyer demand, Faris Lee – who also represented them on their original acquisition of the center – advised on the benefits of selling the Jack in the Box portion of the asset.”
Mousavi noted that Jack in the Box at Santa Fe Springs Promenade has had a successful operating history of over 25 years and is a rare 24 hour location. Additionally, Jack in the Box renewed its lease for 10 years just prior to being placed on the market. “Faris Lee highlighted the property's signalized corner location, dense demographics, successful operating history and absolute NNN lease to the firm’s proprietary database of private investors and secured multiple full-price offers.”
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee's senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.