$3.3 million sale of absolute triple-net-leased retail asset in Bay Area closes
JLL Capital Markets arranged the sale of 2,626-square-foot El Pollo Loco, located at 910 Andersen Dr. in San Rafael, California
SAN FRANCISCO, Nov. 15, 2023 – JLL Capital Markets announced today that it has closed the $3.3 million sale of a 2,626-square-foot, single-tenant retail building that is triple-net-leased to El Pollo Loco. The property is located at 910 Andersen in San Rafael, California within the Bay Area.
Founded in 1975, El Pollo Loco is a fast-casual restaurant chain that currently operates 490 restaurants across California, Colorado, Nevada, Arizona, Texas, Utah and Louisiana. The location at 910 Andersen Dr. is corporate guaranteed and currently has 13 years of lease term remaining with options for extension.
The property includes a rare Marin County drive-thru and offers proximity to Highway 101, which features 163,000 vehicles per day and provides connectivity from an abundance of surrounding retail within the submarket. Additionally, the property benefits from an affluent and robust customer base with a population of over 150,000 and an average household income of approximately $200,000 within a five-mile radius.
The JLL Retail Capital Markets team was led by Managing Director Eric Kathrein and Director Warren McClean.
“We are still seeing tremendous interest for high-quality STNL assets like 910 Andersen despite current challenges caused by rising interest rates,” said McClean.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.