Avison Young announces $2 million ground lease sale of a single-tenant property occupied by Jack-in-the-Box in Castaic, CA18 Mar 2020
Los Angeles, CA – Avison Young announced today it has completed the $2 million ground lease (land ownership) sale of a single-tenant restaurant property occupied by Jack-in-the-Box located at 28090 Hasley Canyon Road in Castaic, CA (northern Los Angeles County).
Avison Young Principals Chris Maling and David Maling, who are both based in the company’s downtown Los Angeles office, represented the seller, a limited family partnership from Palm Desert, and the buyer, a private investor from Los Altos Hills.
The tenant has seven years remaining on its original 20-year lease with options to extend, and scheduled rent increases.
“Jack-in-the-Box has been operating at this location since the property was developed in 2007 and has experienced strong consumer demand,” said Chris Maling. “This was a prime opportunity for a buyer to own a corporate-guaranteed, cash-flowing, quick-service-restaurant site with no landlord responsibilities in a densely populated area.”
The 2,590-square-foot property is situated on a 1.04-acre site within a shopping center that includes Santa Clarita Valley International School, a charter school of approximately 500 students as well as an early childhood learning center. Additionally, there are nearly 28,000 households within a five-mile radius.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224