NEWPORT BEACH, CALIF. – December 15, 2021 – JLL Capital Markets announced today that it has closed the $4.725 million sale of a newly developed, single-tenant retail pad totaling 4,068 square feet at Sierra Shopping Center that is net-leased to a credit-worthy tenant in the Los Angeles County community of Baldwin Park, California.
JLL marketed the property on behalf of the seller, Paragon Commercial Group. A private buyer acquired the asset.
The retail property is an outparcel to Sierra Shopping Center and is situated on .937 acres at 13602 Francisquito Ave. in Baldwin Park, a community 20 minutes from downtown Los Angeles and in the heart of the San Gabriel Valley. This location, which is in a strong retail corridor along Francisquito Avenue, provides visibility to the more than 49,000 vehicles passing by each day, and the retail center is in a dense, infill location that serves more than 239,703 residents earning an average annual household income of $80,425 within a three-mile radius.
Fronting a high-profile shopping center anchored by Target and Food 4 Less, 13602 Francisquito Ave. is home to Raising Cane’s Restaurant, LLC, ranked as one of the best and most profitable restaurants in the quick service industry. This credit-worthy, best-in-class, essential retailer operates on a 15-year triple-net lease in the building, which was completed in 2020.
The JLL Retail Capital Markets team representing the seller was led by Director Adam Friedlander.
“Best-in-class, high profile, fast food restaurants continue to remain in high demand in a post pandemic environment,” said Friedlander. “Investors are attracted to the corporate signatures, long lease terms, minimal to no landlord obligations, scheduled rental increases every 5 years and the buildings being equipped with a drive-thru. Quick service restaurants have become a great option for 1031 exchange buyers active in the market, especially those trading out of a different product type such as multi-family or office. Through our marketing efforts we were able to procure 13 qualified offers and eventually selected a local 1031 exchange Buyer who closed on the purchase all cash.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
