August 30, 2019
A single-tenant Popeyes Louisiana Kitchen drive-thru restaurant, located at 501 E. 5th St. in Beaumont, CA, has traded hands. The property sold for $2,265,000, representing a record $1,006-per-square-foot for a single-tenant Popeyes in SoCal’s Inland Empire.
The buyer, an undisclosed private San Jose-based investor, was represented by Hipwell Real Estate’s Cindy Hipwell. Progressive Real Estate Partners’ Greg Bedell represented the seller, an unnamed private Riverside-based investor.
Bedell says, “The buyers were seeking a 1031 exchange property that was non-management intensive, and a secure investment that would provide stable cash flow. Popeyes’ rare 20-year absolute NNN lease with 18+ years remaining, Interstate 10 off-ramp location, and prominent positioning in California’s fourth fastest-growing city, all combined to make the property a clear favorite.”
Built in 2008, the recently-upgraded 2,250-square-foot restaurant is located along the heavily traveled I-10 freeway at the Beaumont Avenue off-ramp, and is operated by an established franchisee with multiple locations throughout Riverside County.
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