Faris Lee Investments Completes 2 Quick Serve Restaurant (QSR) Closing for $5.3 Million
Irvine, CA (January 30, 2019) – Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed $5.3 million sale of 2 QSR Restaurants, Panera Bread in Lake Elsinore, CA and DogHaus Restaurant & Brewery in Vista, CA.
Panera Bread, a newly constructed 4,300 square foot property located on a Pad fronting the newly developed Central Plaza shopping center anchored by Marshalls, ULTA Beauty, Sketchers, & Five Below, sits on the I-15 freeway on/off ramp at Central Avenue. The property was pre-sold as it was still under construction at the time of sale at a price of $3,789,000.
Jeff Conover, Senior Managing Director and Chris DePierro, Managing Director with Faris Lee Investments represented the seller HFC/PRP Elsinore LLC, and the buyer Loan Oak Ranch, Inc., was represented by Schuil & Associates.
Conover said, “We were able to fetch a full price (4.75% cap rate) / all cash buyer from the Central Valley due to the credit of the tenant and the strength of this location.” Furthermore, “the QSR segment of the STNL market remains strong with investors. Thus buyer demand is high which relates to lower cap rate sales.
The newly constructed 3,593 square foot DogHaus Restaurant & Brewery property is located in downtown Vista within proximity to an abundance of retail, restaurants, theaters, and schools. The area is going through a tremendous residential growth with many single family, multifamily, and senior housing developments being built nearby. The Property sold for $1,550,000 / 4.78% cap rate.
DogHaus is a craft-casual gourmet hot-dog chain with 44 locations in 9 states and more than 100 additional locations to open in the next couple of years. DogHaus is planning on opening 450 locations nationwide and is on the path as one of the fastest growing craft-casual concepts in the country.
Jeff Conover, Senior Managing Director, Scott DeYoung, Managing Director, and Hunter Steffien, Director with Faris Lee Investments represented the seller 227 Broadway LLC, and Faris Lee represented the buyer Maddvio California LLC based out of Northern California.
“The combination of the downtown vibe, and high growth immediate trade area provided the buyer enough security & stability to invest in a new Southern California hip & trendy restaurant concept,” said Conover.
About Faris Lee Investments: Faris Lee Investments is a national 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. Through its recent strategic partnership with X-Team Retail Advisors, a nationwide affiliation of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, capital markets, and investment sales to maximize value for clients.
For more information, visit www.farislee.com
# # ## # #