A brand-new, single-tenant Jack in the Box in Fontana sold for $2.375 mil. The new, freestanding Jack in the Box is situated on 0.54 acres at 17020 S. Highland Ave, at the entrance of the brand new Highland Village shopping center.
Adler Realty Investments recently completed the development, which is anchored by Sprouts Farmers Market and includes Raising Cane’s Chicken Fingers, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. The property is immediately adjacent to the 210 Fwy at the Sierra Ave entrance/exit and has excellent accessibility, identity, and visibility along the 210 Fwy. Highland Village is located directly across the street from the Fontana Promenade, the site of a future new Walmart Supercenter that will drive a tremendous volume of regional traffic to the area.
Kevin Fryman, Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented Woodland Hills-based Adler Realty Investments. The buyer, a private investor from the Los Angeles, was repped by Edwin Mariscal of Marcus & Millichap. According to Fryman, the all-cash, exchange buyer paid 100% of the list price.
“We were able to close escrow 45 days ahead of Jack in the Box’s formal rent commencement date and 150 days prior to the tenant opening for business and construction being completed,” said Asher. “The pre-sale of the Jack in the Box ground lease before the tenant was open for business affirms the continued strong demand for single-tenant triple-net quick-serve-restaurant assets in a freeway visible grocery-anchored center,” said Asher. “We expect the single-tenant, quick-serve restaurant sector to continue to see the most transaction velocity and least amount of adjustments in regard to cap rates and values in 2019.”