Lee & Associates Negotiates $3 Million Net Leased Sale of In-N-Out Property
Torrance, CA – September 27, 2011 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $3 million sale (5 percent cap rate) on a 3,500-square-foot In-N-Out Burger restaurant, a regional chain of fast food restaurants in the western U.S., located at 12890 Gregg Court, in Poway, Calif.
Ryan Barr and Ryan Bennett of Lee & Associates – Net Leased Group in Carlsbad, represented the California-based buyer, Delta Gateway. The seller represented himself. Barr and Bennett founded the Net Leased Group, which specializes in national sales and acquisitions of net leased and retail shopping center investments, in 2007.
Located on the corner of Community Road and Scripps Poway Parkway within a larger shopping center housing other retailers like STAPLES and Kohl’s, the property was ground leased to In-N-Out Burger on a 20-year triple net ground lease with over 19 years remaining on the initial lease term. According to Barr, the deal took three months and closed after a 45-day escrow.
“This was a very rare sale as you don’t usually see single tenant properties with In-N-Out Burger as the tenant come available for sale,” said Barr. “Triple net lease investments are in high demand and we were able to successfully secure our client this unique management-free opportunity in a prime location with a sought after tenant.”
About Lee & Associates
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 43 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
