A new construction single-tenant net-leased retail property occupied by a Portillo’s drive-thru restaurant recently sold in the Phoenix metro. The sale price was $7.1 million for the long-term triple-net ground lease. The sale achieved a cap rate of 4.55 percent, a record-low cap rate for a U.S. Portillo’s.
Hanley Investment Real Estate Advisors’ executive vice presidents Bill Asher and Jeff Lefko along with president Ed Hanley in association with Lee Csenar of Hanley Investment Real Estate Advisors Inc. represented the Orange County private investor seller. The Los Angeles buyer, also a private investor, was represented by Chuck Wilson and Kenny Patricia of Colliers in Irvine.
Hanley identified an all-cash buyer based in Southern California seeking a single-tenant passive investment to fulfill a 1031-exchange requirement and sourced an off-market opportunity by leveraging an existing relationship with a Southern California-based developer.