NAI Capital Completes Sale of Red Lobster Net Leased Investment
Valencia, CA, Tuesday, June 14, 2016– Executive Vice President Yair Haimoff, vice presidents Randy Cude and Steve Body, with NAI Capital represented the seller Marquis Valley View, LLC on the sale of a 9,487 square foot Red Lobster. The sale price approached $3.6 Million with a 6.85% cap rate.
The property located 27524 The Old Road Valencia, CA was 100% leased to Red Lobster at time of the sale. It was sold to Simonian Family 2008 Trust as a single tenant net leased fee interest investment. The single story building situated on 1.15 acres of land prominently located on Valencia’s Restaurant Row under the iconic 6 Flags Magic Mountain / Hurricane Harbor sign adjacent to Golden State 5 Freeway. The property is leased to Red Lobster who has occupied the space since 1986.
Red Lobster began as one seafood restaurant in Lakeland, Florida in 1968 by the company founders Bill Darden and Charley Woodsby and is now the world’s largest casual dining seafood restaurant company. It has over 700 restaurants in the United States and Canada with more than 58,000 employees and generates about $2.5 billion of annual revenue. The company is headquartered in Orlando Florida and has international operations in Canada, Malaysia, Saudi Arabia, the United Arab Emirates, Qatar, Mexico, and Japan.
The property is in a bustling and expanding market area. Almost 400,000 cars per day pass the site per day. The Tournament Players Club and Valencia Country Club are within a very close proximity. Planned developments in the immediate market area include Entrada Gateway Center, a 75 acre mixed-use business park which includes Sunkist Office Campus, retail and residential condos. Newhall Ranch has panned a 12,000 acre residential and business development to include 9 million square feet of retail, office space and 21,000 residential units.
Haimoff said, “This property presented the investor with a great potential for long term appreciation and cash flow. The location of the real estate combined with credit worthiness of the tenant was reflected in the tremendous interest in the property which received multiple offers.”
About NAI Capital
NAI Capital Company is one of the Southern California’s leading full-service commercial real estate companies, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
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