Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a new construction, single-tenant property occupied by a Salad and Go Drive-Thru on an outparcel to a Lowe’s in Edmond, Oklahoma. The sale price was $1.7 million for the absolute triple-net ground lease.
Hanley Investment Group’s Executive Vice Presidents Jeff Lefko and Bill Asher, in association with Alex Apter of Location Commercial Real Estate in St. Louis, Missouri, and ParaSell, Inc., represented the seller, a private investment company based in Columbia, Missouri. The buyer, a private investor out of Oklahoma City, Oklahoma, was represented by Eric Fleske of Fleske Commercial Group of Norman, Oklahoma.
“We secured a local 1031 exchange buyer, negotiated a 10-day due diligence period with a quick all-cash closing, and closing date once the tenant had opened for business,” said Lefko.
The 858-square-foot drive-thru building, built in 2023, is located near the signalized intersection of Kelly Avenue and Covell Road (36,000 cars per day) at 2525 North Kelly Avenue. Salad and Go Drive-Thru sits on a 0.97-acre pad next to Lowe’s and adjacent to Club Car Wash and Walgreens.
“Situated 15 miles north of Oklahoma City and 20 miles from Tinker Air Force Base, it was a great investment opportunity in a high-end residential growth corridor in the Oklahoma City metro area,” said Lefko. “The average household income within a one-mile radius of the site is more than $140,000.”
Lefko continued, “In addition to acquiring good fundamental real estate, the buyer purchased a new construction 20-year absolute triple-net corporate-guaranteed ground lease with Salad and Go, which has over 130 locations and is growing.”
Arizona-based Salad and Go is a one-of-a-kind drive-thru concept on a mission to make fresh, nutritious food convenient and affordable for all. The menu features a variety of fresh items such as salads, wraps, soups, breakfast burritos and bowls, cold brew coffee, and hand-crafted lemonades.
“Every Salad and Go store has a drive-thru lane and a pickup window for orders placed in the drive-thru, online, or through the Salad and Go mobile app,” Lefko continued. “Salad and Go focuses exclusively on drive-thru service to cater to its on-the-go customers, offering healthy meals for under $10 a person. Approximately 82% of its revenue is derived from drive-thru sales, with the remaining 18% from online orders.”
Edmond, with a population of 95,000 residents, has earned accolades as #1 in the ranking of the “Best Places to Live in Oklahoma,” “Best Places to Raise a Family in Oklahoma,” and “Places with the Best Public Schools in Oklahoma,” according to Niche (2023). Often referred to as the “Crown Jewel” of the state, Edmond is the fifth-largest city in Oklahoma.
Top industries in Edmond include health care, social assistance, educational services, and retail trade. Principal employers are Edmond Public Schools, University of Central Oklahoma, City of Edmond, INTEGRIS Health Edmond, Mercy Edmond I-35, and OU Medical Center Edmond. Edmund is also home to Arcadia Lake, the University of Central Oklahoma, and Oak Tree National Country Club. The Edmond School District is one of the state’s premier districts, with six National Blue Ribbon Schools and all its high schools consistently ranked within the top 10 statewide.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
