Transaction Marks Record Cap Rate for NNN Retail Properties Sold in Murrieta This Year
Santa Monica, CA (November 17, 2016) – Sands Investment Group (SIG), one of the fastest growing net lease firms in the nation, has announced the $4,100,000 sale of a Panera Bread bakery-café and drive thru located at 24711 Madison Ave., in Murrieta. John Cigliano, based in SIG’s Santa Monica office, represented both the buyer, a private investor, and the seller, a regional merchant developer, in a triple net transaction. The deal closed at a 4.61 % cap rate. Panera Bread, an American chain of bakery café fast casual restaurants in the US and Canada, demands aggressive cap rates throughout the net lease space, as evidenced by this transaction which set a new record for retail properties traded in Murrieta.
“We executed a confidential pre-marketing program to target owners of similar assets in the region during construction, and then executed a public marketing program to active 1031 buyers with the goal of matching the developers’ disposition with the buyer’s acquisition criteria. We achieved both the seller’s and buyer’s objectives in pairing them on this transaction and closing the deal on the date rent commenced,” Cigliano said.
The 4,600-square-foot Panera Bread is newly-constructed with a 15-year lease term. The bakery café is an out parcel to a shopping center in a major commercial retail thoroughfare. The site benefits from more than 14,000 vehicles per day along Madison Ave. and more than 250,000 vehicles per day along the 1-15 Freeway. “As the triple net market continues to surge in popularity among investors, so too has the supply of new assets grown as both tenants and developers fight to keep pace with demand. As a result, attractive new construction triple nets are popping up all over the country,” Cigliano added.
About Sands Investment Group: Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of net lease properties for private investors and institutions across the United States. Since its founding in 2010, SIG has closed over 900 plus transactions worth more than $2.6 Billion in 45 states. Advisors with the company currently have over $350 million in active inventory. As a leader in the industry, SIG was first to offer true sub-product type specialization. The firm’s experience in net lease, retail, office and industrial transactions is unparalleled. Sands Investment Group has offices in Santa Monica, CA, Charleston, SC, Atlanta, GA, and Austin, TX. Learn more at www.signnn.com.