SRS Brokers Ground Lease Sale of Two Fast Food Outlets in SLO
A record-breaking $3.7 million land ownership sale of a two-tenant, two-building property has been completed by SRS Real Estate Partners’ National Net Lease Group (NNLG) in San Luis Obispo, CA. The Newport Beach firm set a record-low cap rate of 4.84% in the transaction, and the highest price per square foot of $1,047 for free-standing fast food-occupied assets in SLO.
Situated on 0.80 acres of land, the property and the two restaurants, Jack in the Box and Taco de Mexico, is just one mile from California Polytechnic State University, and close to U.S. Highway 101, as well as an under-construction student housing complex.
SRS NNLG’s Steven Roberts, Matthew Mousavi and Patrick Luther represented the seller, a California-based private investor, while the buyer, also a private investor from California, was represented by Mark Hong of Korus Real Estate.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.