Investor Buys Red Lobster Location in Valencia

Great location and national tenant stability motivated a buyer to purchase property occupied by Red Lobster in Valencia for $3.6 million, according to Encino brokerage NAI Capital Inc. Simonian Family 2008 Trust in Pasadena bought the 1-plus acre site at 27524 The Old Road on the city’s so-called Restaurant Row. The site’s visibility is boosted by the Six Flags Magic Mountain Gift Shop/Hurricane Harbor sign overhead and is also adjacent to the 5 freeway. The restaurant chain has leased the nearly 9,500-square-foot building and the property since 1986, according to NAI. NAI Executive Vice President Yair Haimoff, and Vice Presidents Randy Cude and Steve Body arranged the deal on behalf of the seller, Marquis Valley View. “This property presented the investor with a great potential for long-term appreciation and cash flow,” Haimoff said. “The location of the real estate, combined with credit worthiness of the tenant, was reflected in the tremendous interest in the property, which received multiple offers.”