December 13, 2018— SRS Real Estate Partners has completed the sale of 1.3 acres of land located at the southwest corner of Rosecrans Avenue and Studebaker Road in the city of Norwalk. The site is currently occupied by a vacant free-standing Walgreens but provides a new development opportunity for Tacos Gavilan.
SRS Real Estate Partners Senior Vice President and Managing Principal Terrison Quinn, Vice President Casey Mahony, and Senior Associate Adam Handfield represented Walgreens in the $3.1 million land sale to the buyer Tacos Gavilan, a popular up-and-coming Southern California-based Mexican restaurant chain. NKF’s Peter Spragg represented Tacos Gavilan.
The existing Walgreens building will be razed and redeveloped into a new Tacos Gavilan. This new location represents the chain’s 14th site within Los Angeles and Orange counties. Tacos Gavilan plans to open for business by mid 2019. The site benefits from a lucrative traffic count of approximately 35,000 cars per day on Rosecrans Avenue and approximately 21,500 cars per day on Studebaker Road.
“Tacos Gavilan was attracted to the site given the strong traffic, ideal demographics and opportunity to own their own real estate. We’re seeing users get aggressive with purchase price and speed to close if there is an opportunity to control their destiny for decades to come,” said Quinn.