A freestanding, Chipotle-tenanted property in Vallejo has sold for $1.9M at a record-low cap rate of 4.2%. The 2,240 SF retail site drew 10 competitive offers before being sold to Northern California-based Kam Property Holding at $848/SF.
The seller, River Rock LLC, was repped by Christopher DePierro and Jeff Conover of Faris Lee Investments. DePierro says marketing efforts concentrated on the property’s steady cash flow from an established tenant and prime location. Chipotle will remain the tenant after the property switches hands.
The 1031 exchange transaction was conducted on an all-cash basis and closed in less than 30 days. A 1031 transaction defers a property owner's tax on any gains until a future date.
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