Although retail was one of the most impacted asset classes during the pandemic, a handful of certain stores forged ahead in 2020. Among the list of the retail winners is drive-thru and quick-service restaurants, convenience stores and single-tenant learning and childcare centers.

According to Hanley Investment Group, single-tenant retail cap rates compressed in California during the year, and drive-thru and quick service restaurants drove the trend. "When the global pandemic hit, the drive-thru became a critical sales channel for preserving store revenue and it has continued to be extremely effective for the chains and time-starved consumers," Ed Hanley, president of Hanley Investment Group, tells GlobeSt.com. "Furthermore, even if indoor seating is allowed, some consumers are still favoring drive-thru lanes as a safer and more convenient option. This consumer shift has caused chains to reexamine their footprint and use of technology and efficiency."

One examples of the low cap-rate deals include the sale of a Chipotle Mexican Grill with a double-drive-thru in Lathrop for $3.2 million, or $1,371 per square foot, and a cap rate of 4.05%. This was a record-low cap rate for a new Chipotle drive-thru in the US.