Pinnacle Real Estate Advisors Announces the Sale of Single Tenant Qdoba in Clayton, MO
Pinnacle Real Estate Advisors, LLC has completed the sale of a single tenant Qdoba located at 6701 Clayton Road in Clayton, Missouri. The 3,600 square foot building sold for $1,835,000 or $510 per square foot. This transaction represents the fifth St. Louis area single tenant property sold by the Edwards | Ethington Team in the past month. Additionally, the team sold the adjacent single tenant PPG Paints investment property in October 2017.
The Qdoba investment property is strategically located just east of the major intersection of Clayton Road and Big Bend Boulevard, with traffic counts of more than 40,000 vehicles per day. The Qdoba benefits from being across the street from Schnuck’s. This Schnuck’s is one of the metro’s highest volume grocery stores. Washington University is also located less than one mile north of the property. The surrounding affluent area features household incomes of more than $122,000, within a one-mile radius. Clayton is one of the most affluent suburbs of St. Louis and features a CBD that boasts 7,000,000 square feet of prestigious office space and over 1,000,000 square feet of retail.
Qdoba has operated at this location since 2016. St. Louis Bread Company previously occupied the property prior to its 2016 redevelopment. The Qdoba lease is corporately guaranteed. Qdoba has approximately 700 locations and operates restaurants in 48 states. The company was acquired in December 2017 by Apollo Global Management for $305 million.
Zach Wright, Rob Edwards & Tom Ethington of The Edwards | Ethington Team represented the Purchaser; a high net worth 1031 exchange investor based in Texas. The Seller was a local real estate company.
“We continue to see an increased trend of out-of-state investors interested in purchasing single tenant properties in the St. Louis MSA. Properties located in St. Louis historically have sold at a slight discount when compared to the national average. My intimate hometown market knowledge has been a contributing factor to our recent Saint Louis brokerage success,” stated Zach Wright, Associate Advisor.
Rob Edwards, Principal, added “Investors continue to gravitate towards single tenant properties leased to service-based tenants such as quick service restaurants.”