Newly Built Pollo Campero Sells at Four-Year-Low Cap Rate

Hanley Investment Group Real Estate Advisors recently arranged the sale of a newly constructed, single-tenant Pollo Campero ground lease in Lake Elsinore for $2,925,000. The closing cap rate represents the lowest Pollo Campero cap rate recorded nationwide in nearly four years, according to Hanley.

EVP Bill Asher and EVP and partner Jeff Lefko represented the seller and developer, Evergreen Devco. The buyer, a private investor based in San Bernardino County, was represented by Greg Bedell and Lance Mordachini of Progressive Real Estate Partners.

“We generated multiple qualified offers and procured an all-cash 1031 exchange buyer through an existing broker relationship,” said Asher. “The property sold prior to the anchor tenant, Stater Bros., commencing construction and opening for business, which underscores the strength of the location and tenant.”

The property is located at 29160 Central Ave. (Highway 74) in Lake Elsinore. It is a pad to a new Stater Bros.-anchored retail development positioned within the trade area’s dominant regional retail corridor.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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