Restaurant

GARDEN GROVE, CALIF. — SRS Real Estate Partners has brokered the sale of the ground lease for a single-tenant restaurant property in Garden Grove. A Los Angeles-based private non-1031 investor acquired the property from a Los Angeles-based partnership for $3.4 million. Red Robin Gourmet Burgers and Brews occupies the 7,346-square-foot property, which is located at 12007 Harbor Blvd., on a corporate-guaranteed triple-net lease with Red Robin Gourmet Burgers Inc. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Michael Walseth, also of SRS, represented the all-cash buyer in the deal.

SAN JOSE, CALIF. — Paragon Commercial Group has completed the sale of a ground lease for an In-N-Out Burger located at the corner of Great Oaks Parkway and Cottle Road in San Jose. A private Bay Area buyer acquired the property for $6.9 million. In 2014, Paragon began work to acquire a former parking lot site and concurrently entered into a ground lease with In-N-Out Burger for a single-tenant restaurant. The property is currently under construction and is expected to open in first-quarter 2019. Christopher Sheldon of Cushman & Wakefield represented Paragon, while Andy Chana of Sands Investment Group represented the buyer in the deal.

GARDEN GROVE, CALIF. — Beverly Hills, Calif.-based Valore Ventures has closed on fee simple interest in four brand-name restaurants in Garden Grove for $13.1 million. The restaurants include Oggi’s Pizza & Brewery, Outback Steakhouse, Red Robin Gourmet Burgers and Brews, and Joe’s Crab Shack. The assets are all subject to ground leases and were built between 2001 and 2008 in conjunction with surrounding development that includes three high-rise hotels in Garden Grove. The properties also feature a 2.8-acre parking lot, which is owned by the nearby Sheraton, Marriott and Delta hotels, but is exclusively for restaurant use. Valore Ventures purchased the site as one large parcel, which the company plans to spilt into four individual parcels for sale. Tom Fazekas of Fazekas Retail Group in San Francisco represented the seller in the transaction.

LAKE ELSINORE, CALIF. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant retail property located at 16810 Lakeshore Drive in Lake Elsinore. A partnership specializing in the ownership of net-lease properties sold the asset to an undisclosed Southern California buyer for $3 million, or $1,957 per square foot. Del Taco occupies the 1,558-square-foot building with 12.5 years remaining on its corporate-guaranteed, 15-year, absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Chris Itule of Itule Real Estate Group represented the buyer in the all-cash transaction.