SRS Real Estate Partners completed the $4.39-million sale of a single-tenant property occupied by Chipotle located at 3852 W Rancho Vista Blvd. in Palmdale. The 2,325-square-foot property is new construction, with the grand opening scheduled for June 4, and has a 15-year absolute triple-net corporate-guaranteed lease in place.
SRS Capital Markets managing principal Calvin Short and Jeff Christian of First Street, Inc., represented the seller, Phoenix-based First Street Development . The buyer was a Los Angeles-based private 1031 exchange investor. The transaction closed at a 4.45% cap rate, the lowest recorded for a Chipotle property sale in California over the past two-and-a-half years, according to CoStar.
“Chipotle continues to be one of the most sought-after brands among net lease investors due to its strong corporate credit, expanding national footprint and consistent store-level performance,” said Short. “New construction locations with long-term absolute triple net leases in high-growth retail corridors, like this Palmdale property, continue to attract significant investor demand and drive aggressive pricing.”
