The 3,500-square-foot McDonald’s restaurant under construction at the Rancho del Chino shopping center was sold to a private, all-cash buyer for an undisclosed sum. The seller was Levy Affiliated, who purchased the 162,000-square-foot center located in Chino, Calif. in September of this year.
Rancho del Chino is located at 14659 Ramona Avenue, on the northwest corner of Eucalyptus and Ramona avenues, and sits on a 14 acre parcel of land. The McDonald’s occupies an approximately one-acre lot fronting Ramona Avenue on the main ingress/egress of the shopping center.
Bill Bauman, executive vice president, and Kyle Miller, managing director, of Studley’s National Retail Services Group, represented the seller in the transaction, a repeat client.
“The seller felt the timing was right to take advantage of the increased demand for credit, single-tenant, triple-net assets, with McDonald’s being one of the most highly sought after retail tenants in the country,” said Bauman. “We developed a strategic marketing campaign that yielded 35 offers in two weeks, and ultimately chose to work with an all-cash buyer with the ability to close in 14 days.”
“While we cannot disclose the purchase price or cap rate, we can confirm that the cap rate was one of the lowest achieved in Southern California this year, underscoring the desirability of the asset,” added Miller.
McDonald’s signed a 20-year lease for the property.
Rancho del Chino was built in 2007. In addition to McDonald’s, tenants include JC Penney’s, Scottrade and Home Depot.
Studley’s National Retail Services Group has represented Levy Affiliated in multiple acquisitions and dispositions throughout Southern California.
The buyer was represented by Steve Hsu of Marcus & Millichap.