JLL Capital Markets has closed the $3.3-million sale of 910 Andersen Dr. in San Rafael, a 2,626-square-foot, single-tenant retail building that is triple-net-leased to fast-casual restaurant chain El Pollo Loco. The JLL Retail Capital Markets team was led by Managing Director Eric Kathrein and Director Warren McClean. Buyer and seller weren’t disclosed.
The property includes a rare Marin County drive-thru and offers proximity to Highway 101, which features 163,000 vehicles per day and provides connectivity from an abundance of surrounding retail within the submarket. The location at 910 Andersen Dr. is corporate guaranteed and currently has 13 years of lease term remaining with options for extension. In addition, the restaurant property benefits from an affluent and robust customer base, according to JLL.
“We are still seeing tremendous interest for high-quality STNL assets like 910 Andersen despite current challenges caused by rising interest rates,” said McClean.