November 11, 2019 – JLL announced today that it has closed the sale of a 2,469-square-foot, single-tenant retail building that is triple net leased to Del Taco Corporate in the Riverside County community of Lake Elsinore, California.
JLL represented the buyer, SMBC Property #2, LLC, which purchased the asset from Pacific Castle Lake Elsinore Partners, LLC.
Del Taco is the second-largest Mexican-American quick-service restaurant chain by units in the U.S with 580 locations in 14 states and has been at this location since 2006. Situated at 29245 Central Avenue, the Del Taco is in Lake Elsinore, a community north of Wildomar and Murrieta along Interstate 15, and fronts Lake Elsinore Marketplace, a fully leased shopping center anchored by Costco, Lowe’s, Dollar Tree, PetSmart and more. The subject property is located at the highly visible corner of Highway 74 and Central Avenue, which is the main retail thoroughfare connecting Orange and Riverside Counties. More than 35,000 residents earning an average annual household income of $76,102 live within a three-mile radius of the property.
The JLL Capital Markets team representing the buyer was led by Vice President Adam Friedlander. Kevin Fryman and Bill Asher of Hanley Investment Group represented the seller.
“The private 1031 exchange investor buyer pool continues to actively acquire single-tenant, net-lease assets, especially QSRs for their internet-resistant type tenancy,” Friedlander said. “A majority of the capital being invested into middle-market, triple-net-lease transactions across the country is being sourced from California buyers looking for long-term passive investments.”