San Rafael, Calif. — JLL Capital Markets has negotiated the $3.3 million sale of a single-tenant building located in San Rafael, roughly 20 miles outside San Francisco. El Pollo Loco, a fast-casual restaurant chain, occupies the 2,626-square-foot building on a triple-net-lease basis, with 13 years remaining on the lease. Eric Kathrein and Warren McClean of JLL brokered the transaction. El Pollo Loco occupies the building in San Rafael, California.
Rancho Cucamonga, Calif. — Progressive Real Estate Partners has brokered the $7.5 million sale of a nine-tenant retail building located in Rancho Cucamonga. Situated within Terra Vista Town Center, the 21,918-square-foot property was fully leased at the time of sale. Tenants at the building, which have all signed triple-net leases, include a jeweler, escape room and indoor playground. Greg Bedell and Paul Su of Progressive represented the seller in the transaction.
Rock Hill, S.C. — Marcus & Millichap has brokered the $6.3 million sale of a single-tenant property located in Rock Hill. Walgreens occupies the 14,550-square-foot building on a triple-net-lease basis. Andrew Margulies, Harrison Creason and John Berger of Marcus & Millichap secured the buyer, and Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged acquisition financing. Zosime was the seller.
Valencia, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $3.7 million sale of a car wash property currently underway in Valencia. The building, which is scheduled for completion in the first quarter of 2024, will total 4,263 square feet. BLISS Car Wash will occupy the property on a triple-net-lease basis.Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Fountainhead Development, in the transaction. Jenny Eng of CBRE represented the undisclosed buyer.
New York City — VICI Properties Inc. has acquired 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for a total $432.9 million. Bowlero will now occupy the properties, which are located in 17 states, on a triple-net-lease basis. Initial annual rent for the lease will total $31.6 million. The deal also included an eight-year right of first offer term for VICI to purchase Bowlero real estate. J.P. Morgan acted as financial advisor to VICI in the transaction, and Hogan Lovells US LLP and Kramer Levin Naftalis & Frankel …
Fairmont, Minn. — Cleeman Realty Group has brokered the $5.1 million sale of a single-tenant property located in Fairmont. Hy-Vee occupies the 54,740-square-foot building on a triple-net-lease basis. Jeremy Scheer of Cleeman represented the undisclosed buyer in the transaction.
The three managing principals at Irvine, Calif.-based Faris Lee Investments — Shaun Riley, Jeff Conover and Don MacLellan — see retail as the best investment class today. The reason? Strong fundamentals across the board, including low vacancy rates, minimal new construction and strong tenant sales. The trio live in the same world as the rest of us, where interest rates and economic uncertainty have deterred many, but to them, the fact remains that retail has never been stronger as an asset class. “People say it’s a bad market. It’s not …
Byron, Ga. — Halpern Enterprises Inc. has completed the development of a 2,600-square-foot build-to-suit property in Byron. Starbucks Coffee will occupy the freestanding building on a 10-year net lease. Brad Oppenheimer, Caleb Adams and Cary Halpern of Halpern Enterprises led the project.
Katy, Texas — SRS Real Estate Partners has arranged the $14.6 million sale of a 55,000-square-foot retail building in the Houston suburb of Katy. Kohl’s occupies the property, which is currently under construction, on a triple-net-lease basis. Matthew Mousavi and Patrick Luther of SRS represented the seller and procured the buyer, which acquired the asset via a 1031 exchange.
Jacksonville, Fla. — SRS Real Estate Partners has brokered the $4.6 million sale of a 3,937-square-foot restaurant building located in Jacksonville. Panera Bread occupies the property, which was constructed earlier this year as an outparcel to Oakleaf Town Center. The 15-year, triple-net lease features scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller in the transaction.