CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, completed the sale of a single-tenant absolute net-leased Del Taco property located at 2060 S. La Cienega Boulevard in Los Angeles, Calif. The purchase price was $2.5 million or $1,386 per square foot. The property sold at a cap rate of 3.63% — a record low for a freestanding Del Taco nationwide, according to CoStar Group.
Hanley Investment Group Senior Vice President Jeremy McChesney represented the seller, a private investor from Orange County, Calif. The all-cash buyer, a local family trust, was represented by Shah Noorvash with Coldwell Banker Commercial in Beverly Hills, Calif.
The 1,804-square-foot Del Taco building was built in 1965 on a .24-acre lot at the hard-corner signalized intersection of La Cienga Boulevard and Cadillac Avenue with an estimated 83,000 cars per day. The Del Taco 24-hour restaurant has a drive-thru and was completely re-modeled in 2004.