Newport Beach, Calif. (July 27, 2017) – SRS’ National Net Lease Group recently announced a record breaking sale of a high profile single tenant Carl’s Jr. located in Long Beach, Calif. The buyer acquired the property for $5 million, with a 3.85% cap rate and $1,685 price per square foot, making this the lowest cap rate, highest price per square foot, and highest price point for a Carl’s Jr. or Hardee’s to have ever sold anywhere in the U.S., according to CoStar. The property completed construction in June and opened for business earlier this month.
SRS’ National Net Lease Group has sold or is under contract with more than 170 properties year to date for 2017 across the country. While the investment sales industry is reporting transaction volume to be down by 10%, the NNLG is experiencing a volume increase in excess of 30%.
“We are very pleased with the outcome of this transaction for our client. As part of a larger redevelopment within the ‘circle’ along Pacific Coast Highway in the city of Long Beach, the property is part of an exciting new redevelopment currently taking place in this trade area,” said Matthew Mousavi, managing principal for the National Net Lease Group. “SRS was able to lead this project from inception to eventual sale, whereby our tenant representation team led the disposition of the greater redevelopment site to the developer, SRS led the leasing efforts and now the eventual sale. We were able to procure multiple competing offers that resulted in an all cash, full price transaction for the seller. We began our marketing efforts prior to the tenant being open for business and secured our buyer prior to completion.”
Matthew Mousavi and Patrick Luther, both managing principals of SRS’ National Net Lease Group, along with Garrett Colburn, executive vice president, and Townsand Cropsey, first vice president in the Newport Beach office represented the seller in this transaction.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. 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 srsre.com.