An all-cash buyer paid $3.65 mil for a ground leased, single-tenant retail property in Santa Fe Springs. Located on .47 acres at 11442 Telegraph Rd, the 2.9k sf building is occupied by Jack in the Box. We’re told that 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 mil, per CoStar records.
Built in 1984, the property 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.
Matthew Mousavi and Joe Chichester of Faris Lee Investments represented the seller, a private partnership from Orange County, as well as the buyer, also based in Orange County. The property closed at a 4.01 percent cap rate.
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, according to Mousavi. The 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.