IN-N-OUT BURGER LOCATION SELLS FOR $3M

POWAY, CALIF. — A 3,500-square-foot In-N-Out Burger restaurant in Poway has sold to Delta Gateway for $3 million at a 5 percent cap rate. The famous West Coast burger chain holds a 20-year, triple-net ground lease on the property with more than 19 years remaining on its initial term. Delta Gateway was represented by Ryan Barr and Ryan Bennett of Lee & Associates’ Net Leased Group in Carlsbad, Calif. The sellerrepresented himself.