SAN DIEGO—In an age where tenants come and go, certain factors now matter more to investors than brand-name recognition, Stan Johnson Co. broker Mike Philbin tells Philbin, along with the firm’s Sam Alison and Amar Goli, recently represented seller Steve Grady of La Jolla-based the Focus Group in the sale of a newly build fast-food restaurant, Popeye’s, in National City, CA, to a San Diego-based private buyer at a cap rate of 4.25%. We spoke exclusively with Philbin about why the transaction was particularly significant and trends he is noticing in the 1031-exchange market. What’s significant for you about the Popeye’s transaction?

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