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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