Faris Lee Investments Completes $2.38 Million Ground Lease Sale of a Single-Tenant Retail Property Occupied by El Pollo Loco in Sacramento
IRVINE, Calif., July 10, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $2.38 million ground lease sale of a 2,993-square-foot single-tenant retail property that is absolute triple-net leased by El Pollo Loco in Sacramento. This property was built by El Pollo Loco to its prototypical specifications and was completed in February 2018. The tenant signed a 20-year ground lease with scheduled rental increases.
Managing Director Christopher DePierro of Faris Lee Investments represented the Southern California-based seller, Ryncor. The buyer, a private investor from Northern California who was in a 1031 exchange, was represented by Marcus & Millichap. The closing cap rate was 4.25 percent.
“Newly constructed single-tenant assets like this property are in high demand for investors seeking a long-term, stable investment with minimal landlord responsibilities,” said DePierro.
“We targeted our extensive database of 1031 exchange buyers, procured multiple offers, and secured a strong, all-cash offer with escrow closing in just 30 days.”
Located at 7820 Folsom Boulevard and situated on .83 acres of land, the property is located at the southwest quadrant of Folsom Avenue and Power Inn Road/Howe Road and is one block south of the on/off-ramp of Interstate 50. The property, which is situated on a densely populated in-fill location, is an outparcel to a Home Depot-anchored center and is also near California State University, Sacramento.
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.
Faris Lee is also strategic partner with X Team Retail Advisors, an integrated platform of retail real estate specialists that offers coverage in 40 major markets across the United States and Canada encompassing more than 265 professionals. X Team provides specialty expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.