Los Angeles, CA – Avison Young announced today it has completed the $2 million ground lease (land ownership) sale of a single-tenant restaurant property occupied by Jack-in-the-Box located at 28090 Hasley Canyon Road in Castaic, CA (northern Los Angeles County).

Avison Young Principals Chris Maling and David Maling, who are both based in the company’s downtown Los Angeles office, represented the seller, a limited family partnership from Palm Desert, and the buyer, a private investor from Los Altos Hills.

The tenant has seven years remaining on its original 20-year lease with options to extend, and scheduled rent increases.

“Jack-in-the-Box has been operating at this location since the property was developed in 2007 and has experienced strong consumer demand,” said Chris Maling. “This was a prime opportunity for a buyer to own a corporate-guaranteed, cash-flowing, quick-service-restaurant site with no landlord responsibilities in a densely populated area.”

The 2,590-square-foot property is situated on a 1.04-acre site within a shopping center that includes Santa Clarita Valley International School, a charter school of approximately 500 students as well as an early childhood learning center. Additionally, there are nearly 28,000 households within a five-mile radius.