August 16, 2019 – SRS Real Estate Partners’ National Net Lease Group has completed the record-breaking $3.79 million sale of a 2,759-square-foot single tenant retail property fully occupied by Jack in the Box in Mission Viejo, CA. The price per square foot was approximately $1,374 which is the highest price per square foot for a Jack in the Box-occupied asset in Southern California over the last 12 months per Costar.
SRS’ National Net Lease Group Managing Principals Patrick Luther and Matthew Mousavi and Senior Vice President Terrison Quinn represented the seller, Irvine, CA-based Pacific Castle. The buyer, a Hawaii-based investor, was represented by Arthur Flores of CBRE. The closing cap rate was 4.5 percent.
Built in 1979 and scheduled to be renovated in the near future, the property is situated on .42 acres at 28651 Marguerite Parkway at the major intersection of Marguerite Parkway and Avery Parkway. Jack in the Box recently signed a lease extension for 15 years and has been a tenant at the location for more than 35 years.
“This was a rare opportunity for an investor to own a well-located Jack in the Box property in the affluent south Orange County market of Mission Viejo,” said Mousavi. “The buyer appreciated the new long-term absolute triple net lease extension and the fact that there are no landlord responsibilities making for a stable, cash-flowing investment within a master planned community.”
The property is located just off the 5 freeway with direct on/off ramp access, and excellent freeway frontage. It is within a major retail corridor and is one mile from The Shops at Mission Viejo which totals more than 1.1 million square feet of retail space with anchor tenants including Nordstrom, Macy’s, and Apple, among others. The site is also one mile from Mission Hospital.
SRS’ National Net Lease Group and Investment Properties Group have successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1.5 billion in assets currently listed for sale.