A 4.2k sf, two-tenant retail building occupied by Dunkin’ Donuts/Baskin Robbins Drive-Thru and MOD Pizza in Foothill Ranch sold for $5.7 mil ($1,357/sf). The property, located at 26722 Portola Pkwy, is part of Foothill Ranch Towne Centre, a regional shopping center in Orange County that includes major tenants Target, Hobby Lobby, Michaels, Old Navy and 99 Cents Only Stores.
Newly remodeled in 2016, the building sits on .89 acres at the signalized entrance to the Foothill Ranch Towne Centre. The property benefits from monument signage along Portola Pkwy and its close proximity to the State Route 241 Fwy.
Dunkin Donuts includes a combo Baskin Robbins format that occupies 2.2k sf (that includes a drive-thru) and MOD Pizza occupies 2k sf. Both tenants have brand new 10-year initial lease terms.
Bill Asher and Ed Hanley with Hanley Investment Group represented the seller, Spectrum Development Group, based in Irvine. The buyer, a private investor from Newport Beach, was repped by John Carpenter of The 949 Group, also in Irvine.
Asher notes, “Due to the quality of the location, tenants and new long-term leases, we generated multiple qualified offers that created a competitive bidding environment that ultimately procured a local all-cash buyer. We negotiated a two-week contingency period with a 24-day closing.”
Foothill Ranch Towne Centre is located near the newly developed Baker Ranch master-plan community, which is made up of 11 different communities comprised of approximately 2,400 upscale homes, 430 apartment homes and 16k sf of retail.
Dunkin’ Donuts is a market leader in the hot regular/decaf/flavored coffee, iced coffee, donut, bagel, muffin, and hard-serve ice cream categories. Dunkin’ Donuts has more than 12,000 restaurants in 45 countries. Baskin Robbins has nearly 7,800 restaurants in approximately 50 countries.
MOD Pizza, which offers custom artisan-style pizzas, is one of America’s fastest growing chain restaurants with more than 200 locations across 20 states as well as locations in the UK.