NAI Capital Represents the Golden Corral Restaurant with New Lease at the Shops at Gallatin Road Valued at $5.5 Million
DOWNEY, CA – August 20, 2014 – (RealEstateRama) — Steve Liu, Vice President with NAI Capital’s Orange County office, represented the Tenant, Golden Corral Restaurant, in a ground lease located at the Shops at Gallatin Road at 9500 Lakewood Blvd in Downey, CA from the Landlord, First Enterprises Group. The value of the lease transaction was approximately $5.5 million.
The property, a former Ford dealership, was situated on a 3.5 acre lot. The current buildings will be completely demolished and two new buildings will be built. The Golden Corral Restaurant will be building out a 12,000 SF buffet restaurant and the ownership will be building another 6,000 SF+- PAD.
Steve Liu notes: “After working with the client on an exclusive basis for nearly a year, looking at almost 100 sites, and having five potential deals blow up; we were able to finally close out this one. The task was a difficult one due to the specific criteria required by Golden Corral corporate like: very high parking needs, high traffic retail corridor, demographics, the right neighboring tenants, and specific construction requirements. This deal would not have been completed without the willingness with all parties to get creative and think outside the box. This will be my client’s second Golden Corral restaurant and we are currently negotiating other locations.”
The Shops at Gallatin Road retail development is located at Lakewood Blvd & Gallatin Road in North Downey. Area retailers include Ralph’s, McDonald’s, Subway, Chris & Pitts BBQ, Flame Broiler, Metro PCS, and Supercuts.
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California member of NAI Global, a premier real estate service network in 55 countries with 375 local offices and 6,700 local market leaders spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage BRE #00806840.
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