Newport Beach, CA (October 23, 2023) – SRS Real Estate Partners announced today it has completed the $4.65 million sale of a free-standing, 5,535-square-foot (sf) single-tenant Mexican restaurant property occupied by Culichi Town. Built in 2001, the property is located on 1.37 acres and is an outparcel at the Ontario Mills Mall at 4423 Mills Circle in Ontario, CA.
SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a developer based in Southern California. The buyer was Culichi Lounge, Inc. The closing cap rate was 5.59%. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.
“The property has nine years remaining on its corporate-guaranteed, absolute triple-net lease and due to its location, we received strong interest,” said Mousavi. “As an outparcel to the 1.6 million square-foot Ontario Mills Mall, the restaurant has been performing well with area visitors and residents. We were able to secure multiple offers, finance, and ultimately move forward on a successful close.”
The Culichi Town property is a new prototype concept for future restaurants and is located at the intersection of Fourth Street and Milliken Avenue just off Interstate 15. The restaurant is a growing brand with approximately 22 locations.
Year-to-date, SRS Capital Markets has completed nearly $2 billion in deal volume comprised of 403 transactions in 43 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust.
