SRS Real Estate Partners Capital Markets has successfully completed the ground lease of a 5,000-square-foot Chick-fil-A property in Murrieta for $6.15 million. The newly constructed property opened for business in March of this year and features a 15-year ground lease.
This transaction sets two sales records, according to SRS. With a cap rate of just 3.9%, it is the lowest recorded sale for a Chick-fil-A property nationwide this year. Additionally, it holds the record as the lowest cap rate for all QSR sales above $200,000 annually in Southern California.
The seller and developer of this prime retail location at 27960 Clinton Keith Rd., Newport Beach-based Sage Investco were represented by First VP Winston Guest and managing principals Matthew Mousavi and Patrick Luther from SRS Real Estate Partners Capital Markets team who also acted on behalf of an all-cash buyer -a private family trust from California.
This deal is part of an overall break-up strategy valued at over $20 million which includes class A pads at The Vineyard Shopping Center -a sprawling retail project spanning across 26 acres anchored by Costco Wholesale & ALDI near Interstate-15 freeway.The other parcels being sold off include Chase Bank, Chipotle & Verizon Wireless along with Ono Hawaiian BBQ & Ramona Tires outlets.
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