Lake Elsinore, CA – SRS Real Estate Partners’ National Net Lease Group has completed the $3.05 million sale of a single-tenant property fully occupied by Del Taco in Lake Elsinore, CA. Located on just under one-half acre of land at 16810 Lakeshore Drive, the freestanding building has 12.5 years remaining on its 1,558-square-foot corporate-guaranteed 15-year absolute triple-net lease. The property sold at a price per square foot of $1,957, which is one of the highest ever for a fast food restaurant property in the Inland Empire, according to CoStar.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a partnership specializing in the ownership of net lease property. Chris Itule of Itule Real Estate Group represented the all-cash, Southern California buyer.
“SRS received a substantial amount of interest and offers on this asset as its brand, location in a high density area of the Inland Empire and no landlord responsibilities are all factors that net-lease investors are looking for in a single-tenant asset,” said Luther.
Mousavi added, “We’ve successfully transacted over 20 individual Del Taco-leased properties in the last 36 months, with another recent Del Taco sale in Southern California trading at a 3.71 percent cap rate. Investors continue to seek QSR drive-thru properties leased to national brands. In this case, we were able to achieve a record price per square foot of $1,957 for this property, and received multiple offers. Del Taco is a publicly traded company with decades of brand recognition and success, and is well received by the marketplace, particularly with California-based investors.”
Situated along Lakeshore Drive, which sees about 19,000 vehicles per day, the Del Taco restaurant is an outparcel to a shopping center anchored by Albertsons and is also adjacent to a shopping center anchored by Stater Bros. Within a 5-mile radius of the property, there are more than 70,000 residents with an annual average household income of $72,000.
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 20 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 www.srsre.com.