Hanley Investment Group and Progressive Real Estate Partners have completed the sale of a brand new, single-tenant, net-leased investment occupied by Kentucky Fried Chicken (KFC) in Perris, CA. The sale price was just under $4 million, representing a cap rate of 3.65%, a record low for a KFC in the Inland Empire according to Progressive Real Estate Partners.

“We procured an all-cash 1031 exchange buyer that closed at 100% of the listed price shortly after KFC opened for business,” said Hanley Investment Group’s Bill Asher. “The building is KFC’s new ‘Next Generation Prototype’ that prioritizes a digital-forward and contactless customer experience and includes a drive-thru and indoor and outdoor seating.”

The 2,200-square-foot KFC is situated on 1 acre on North Perris Boulevard in a Cardenas Markets-anchored shopping center. Known as an industrial hub, Perris has more than 46 million square feet of existing distribution centers with 13 million more either planned or under construction.