Progressive Real Estate Partners Sells Single-Tenant Popeyes in SoCal’s Inland Empire for $1,006 PSF
Rancho Cucamonga, CA – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of a single-tenant Popeyes Louisiana Kitchen drive-thru restaurant located at 501 East 5th Street inBeaumont, California. The property sold for $2,265,000 representing a record $1,006 per square foot for a single-tenant Popeyes in SoCal’s Inland Empire.
Progressive Real Estate Partners Vice President of Investment Sales Greg Bedell, CCIM exclusively marketed the property and represented the seller, a private Riverside-based investor. The buyer, a private San Jose-based investor, was represented by Cindy Hipwell of Hipwell Real Estate.
Built in 2008, the recently upgraded 2,250 square foot restaurant is located immediately adjacent to the heavily traveled I-10 freeway along the Beaumont Avenue off-ramp and benefits from excellent access, pylon signage and approximately 152,000 cars per day passing by the site. The restaurant is operated by an established franchisee with multiple locations throughout Riverside County.
With a population that has tripled since 2000, Beaumont is the 4th fastest growing city in California. Furthermore the area has attracted significant e-commerce industrial development, including a new 640,000 square foot Amazon fulfillment center, creating a strong daytime workforce.
According to Bedell, “The buyers were seeking a 1031 exchange property that was non-management intensive and a secure investment that would provide stable cash flow. Popeyes’ rare 20-year absolute NNN lease with 18+ years remaining, Interstate 10 off-ramp location, and prominent positioning in California’s 4th fastest growing city all combined to make the property a clear favorite.”
He added, “Through our broad-based marketing campaign and reputation of cooperating with outside brokers, we generated nine qualified and competitive offers. Investor response to this asset clearly demonstrates the continued demand for well-located single tenant national brand fast food restaurants in strong markets like the Inland Empire.” Founded in 1972, Popeyes is one of the world’s largest chicken quick service restaurants, with over 2,700 restaurants in the US and around the world.
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,000 lease and sales transactions in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. For further information visit www.progressiverep.com.