The deal drew more than nine offers
Los Angeles – CBRE announced the sale of the Jack in the Box ground-lease in Highland in Southern California’s Inland Empire for $2.76 million, or a 4.3 percent capitalization rate.
Philip D. Voorhees, Jimmy Slusher, Megan Wood, Sean Heitzler in partnership with Vanessa Haddad of CBRE’s Ontario office represented the seller, Evergreen Devco, a Los-Angeles based fully diversified real estate company. The buyer, a San Diego-based private investor who was represented by an outside broker, purchased the property to add to their portfolio.
In addition to handling the investment sale, CBRE’s Brian McDonald and Haddad at the firm’s Ontario office, represented Evergreen in both -- procuring the vacant land and with ground lease negotiations with Jack in the Box.
“Single tenant net lease cap rates continue to compress, and cap-rate spreads in primary and non-primary markets have narrowed considerably,” said Wood.
Added Slusher, “Investor demands for STNL assets with strong fundamentals, such as a long-term ground leases, continue to attract strong interest from private investors, even in secondary and tertiary markets.”
Located at the northwest corner of Base Line Street and Seine Avenue, the property sits adjacent to the I-210 and is situated on two parcels of land totaling 0.71 acres.
“This property presents strong stable income growth with an optimal freeway-fronting location at an off/on ramp,” said Haddad. “This single-tenant, net-leased prototype building provides the new owner with essentially no obligations or oversight. It’s an ideal income-generating asset.”
The CBRE team distributed more than 1,480 offering memorandum downloads, and through a “managed bid” process, generated more than nine offers.
With this closing, CBRE’s National Retail Partners- West has closed 333 transactions since the start of 2012 for a total consideration of $5.4 billion. In total, the team has listed and sold more than $11.4 billion in retail transactions.
Los Angeles – CBRE announced the sale of the Jack in the Box ground-lease in Highland in Southern California’s Inland Empire for $2.76 million, or a 4.3 percent capitalization rate.
Philip D. Voorhees, Jimmy Slusher, Megan Wood, Sean Heitzler in partnership with Vanessa Haddad of CBRE’s Ontario office represented the seller, Evergreen Devco, a Los-Angeles based fully diversified real estate company. The buyer, a San Diego-based private investor who was represented by an outside broker, purchased the property to add to their portfolio.
In addition to handling the investment sale, CBRE’s Brian McDonald and Haddad at the firm’s Ontario office, represented Evergreen in both -- procuring the vacant land and with ground lease negotiations with Jack in the Box.
“Single tenant net lease cap rates continue to compress, and cap-rate spreads in primary and non-primary markets have narrowed considerably,” said Wood.
Added Slusher, “Investor demands for STNL assets with strong fundamentals, such as a long-term ground leases, continue to attract strong interest from private investors, even in secondary and tertiary markets.”
Located at the northwest corner of Base Line Street and Seine Avenue, the property sits adjacent to the I-210 and is situated on two parcels of land totaling 0.71 acres.
“This property presents strong stable income growth with an optimal freeway-fronting location at an off/on ramp,” said Haddad. “This single-tenant, net-leased prototype building provides the new owner with essentially no obligations or oversight. It’s an ideal income-generating asset.”
The CBRE team distributed more than 1,480 offering memorandum downloads, and through a “managed bid” process, generated more than nine offers.
With this closing, CBRE’s National Retail Partners- West has closed 333 transactions since the start of 2012 for a total consideration of $5.4 billion. In total, the team has listed and sold more than $11.4 billion in retail transactions.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
