
Faris Lee Completes Pair of QSR Deals
Faris Lee Investments completed the sale of two QSR restaurants for a combined $5.3 million. The assets include a Panera Bread in Lake Elsinore, CA, and DogHaus Restaurant & Brewery in Vista, CA.
The newly-constructed 4,300-square-foot Panera Bread property is located on a pad fronting the newly-developed Central Plaza shopping center at the I-15 freeway on/off ramp at Central Avenue.
The property was pre-sold, as it was still under construction at the time of sale at a price of $3.8 million and a cap rate of 4.75%. Faris Lee’s Jeff Conover and Chris DePierro represented the seller, HFC/PRP Elsinore LLC. The buyer, Loan Oak Ranch, Inc., was advised by Schuil & Associates.
The newly-constructed 3,593-square-foot DogHaus Restaurant & Brewery property is located in downtown Vista. The property sold for nearly $1.6 million and a 4.78% cap rate. Conover, Scott DeYoung, and Hunter Steffien represented the seller, 227 Broadway LLC. Faris Lee also represented the buyer, Maddvio California LLC.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition