Starboard Realty Advisors Completes Sale On A 1.25 Acre Brand New 15 Year Ground Lease Retail Property In Barstow, California

IRVINE, Calif., Sept. 22, 2021 /PRNewswire/ -- Starboard Realty Advisors is pleased to announce the $5.49 million sale of a Raising Cane's on a new 15-year ground lease located at 2620 Fisher Boulevard in Barstow, CA. At a cap rate of 4.3 percent, this sale marks the lowest cap rate and highest price paid for a single tenant quick-service-restaurant (QSR) ever in the City of Barstow (per CoStar).

Starboard was represented by SRS NNLG's Managing Principals Matthew Mousavi and Patrick Luther. The buyer, a Los Angeles-based private investor who was in a 1031 exchange, was represented by Pablo Rodriguez of Newmark.

The property is located at a prime high traffic location near the on/off ramp of the I-15 and along Lenwood Road. Nearby tenants include Panera Bread, In-N-Out, Panda Express, McDonald's, and Starbucks among others. It is also 0.75 miles north of The Outlets at Barstow.

COO of Starboard Realty Advisors and leader of Starboard's NNN Development, Steve Carlton, stated that, "Despite purchasing the property just months before the start of the pandemic, our research had shown Barstow to be an ideal location for QSRs with continuous large quantities of traffic traveling between Southern California and Las Vegas or Arizona. Our team worked hard to perform for our investors though uncertain times and I'm proud to say we did."

Bill Winn, CEO, added, "Starboard looks forward to the successful completion of our multiple other development projects underway and continuing to identify and develop QSRs and NNN properties in California, Colorado, and Arizona."

Situated on 1.25 acres, the property includes a double drive-thru, which was built in 2020 and opened for business in May 2021. The asset has a new, 15-year corporate-guaranteed ground lease in place.

About Starboard Realty Advisors, LLC

Starboard Realty Advisors, LLC, headquartered in Irvine, California, acquires, manages, and operates multi-family, multi-tenant retail shopping centers and QSRs. Starboard is a privately held, fully integrated real estate firm, whose principals have more than 30 years of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing, and disposing of retail, multifamily, office and industrial real estate during which they have developed a network of relationships with brokers, sellers, retailers, and an array of other tenants. For more information, please visit www.starboard-realty.com.

Contact:

Bill Winn, CEO
(949) 420-9304
[email protected]

SOURCE Starboard Realty Advisors

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