SRS Real Estate Partners’ National Net Lease Group 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 Dr., 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 $1,957-per-square-foot, which is one of the highest ever for an Inland Empire fast food restaurant property.
SRS’ Matthew Mousavi and Patrick Luther represented the seller, a partnership specializing in the ownership of net lease property. Itule Real Estate Group’s Chris Itule represented the unnamed all-cash SoCal buyer.
Mousavi says, “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% cap rate. Investors continue to seek QSR drive-thru properties leased to national brands.”