Newport Beach, CA (February 22, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $3.02 million sale of a single-tenant freestanding property with drive-thru occupied by Del Taco in Chatsworth, CA, a city within Los Angeles County. The property sold for a record price per square foot of $1,540 and the tenant has over 12 years remaining on its long-term absolute NNN corporate-guaranteed lease. Per CoStar, this sale represented one of the highest prices per square foot and lowest cap rate sales for a quick service restaurant in the City of Chatsworth.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther, in cooperation with Vice President Brandon Trevellyan of Capital Real Estate Ventures, Inc., represented the seller, a privately held partnership. The buyer, a private investor seeking passive cash flow, was represented by Warren Berzack of Lee & Associates. The closing cap rate was approximately 4.7 percent.
Built in 1989 and situated on .41 acres at 21920 Lassen Street, the property includes a 24-hour drive-thru and is well located at a signalized intersection of Lassen Street and Topanga Canyon Blvd. which sees more than 61,300 vehicles per day. It is well-positioned within the perimeter of a massive industrial park which is home to more than 100 companies. In addition to the thousands of employees working nearby, the asset also benefits from more than 345,000 residents within a five-mile radius.
“We continue to see sustained demand for corporate-guaranteed, well-located single-tenant investment properties in Los Angeles county,” said Mousavi. “Specifically with Del Taco, within the last several months we have transacted multiple Del Taco properties throughout Southern California ranging from 3.71 percent cap rate to the upper 4 percent cap rate range, clearly demonstrating that investors continue to accept these compressed cap rates for corporate credits and Southern California real estate.”
SRS’ National Net Lease Group successfully completed more than 270 sales in 2017; in 2018, the group executed more than 300 transactions across more than 35 states nationwide, and has over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 27 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.