A
two-tenant retail property at 27970 Clinton Keith Road in Murrieta has changed hands for $5 million. The recently built property is fully occupied by Verizon Wireless and Chipotle Mexican Grill, with drive-thru service, under corporate-guaranteed triple-net leases that run for 10 years.

    This transaction sets a new standard for sales of new construction multi-tenant retail properties in Southern California, achieving a record low cap rate of 4.93% and the highest price per square foot at $975 over the past year. SRS Capital Markets' Winston Guest, Matthew Mousavi, and Patrick Luther represented the seller, a California-based private developer, in this deal.