Evergreen Devco Sells Pollo Campero-Occupied Restaurant Property in Inland Empire for $2.9M

LAKE ELSINORE, CALIF. — Evergreen Devco has completed the disposition of a 3,000-square-foot, single-tenant restaurant property in Lake Elsinore. A San Bernardino, Calif.-based private investor acquired the asset for $2.9 million. Pollo Campero, a fast-casual Latin chicken restaurant, occupies the property on a 15-year absolute triple-net corporate ground lease with 10 percent rental increases every five years. The property is an outparcel to a Stater Bros.-anchored retail center.

Bill Asher and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the seller and developer, while Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer in the transaction.