Hanley Brown Group Represents Buyer & Seller in $1,533,333 Sale of Jack in the Box in La Mirada -- Record Low Cap Rate of 4.5%
Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of retail properties, announced today Kevin T. Fryman of Hanley Brown Group represented the buyer and seller in the $1,533,333 sale of the fee simple ownership in the land leased to a single-tenant Jack in the Box fast-food restaurant. Built in 2000, the 3,100-square-foot single-tenant drive-thru restaurant at 13495 Beach Boulevard in La Mirada, CA sold at a record low cap rate of 4.50%.
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September 30, 2006 (FPRC) -- IRVINE, CA – Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of retail properties, announced today Kevin T. Fryman of Hanley Brown Group represented the buyer and seller in the sale of the fee simple ownership in the land leased to a single-tenant Jack in the Box fast-food restaurant.
The 3,100-square-foot single-tenant drive-thru restaurant is located at 13495 Beach Boulevard in La Mirada, CA for $1,533,333. The cap rate was 4.50%.
Located at the signalized entrance to Plaza La Mirada at the corner of Beach Boulevard and Hillsborough Drive, Jack-in-the Box is situated on a .71-acre parcel of land with 15 years remaining on their initial lease term.
Built in 2000, the restaurant is co-tenants with Sav-on, 24 Hour Fitness, Subway and Max Muscle.
The buyer was a family trust based in Irvine, CA. The seller was a private investor from Newport Beach, CA.
“The market for single-tenant NNN assets of this type is still very much in high demand,” says Kevin Fryman, senior associate at Hanley Brown Group. “With the property’s net operating income growing 32% over the next 10 years, the buyer acquired a quality single-tenant NNN investment with no management responsibility.”
Fryman also notes that he produced 10 offers on the property, with multiple offers at list price. “Our outstanding industry relationships helped the buyer finance and close the acquisition in less than three weeks,” adds Fryman. “This transaction represented a record setting low cap rate for a Jack in the Box in Southern California.”
Built on a solid foundation of performance, integrity and dedication, Hanley Brown Group Real Estate Advisors is a boutique retail investment advisory firm with a $900 million transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Brown Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry.
Hanley Brown Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Brown Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleybrown.com or call (949) 585-7610.
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Hanley Brown Group, retail investment sale, Real Estate Advisors
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