Calbay Acquires High-Profile Bank Site on Hawthorne Blvd in Torrance, CA

MANHATTAN BEACH, CA – Calbay Development, LLC has acquired the fee interest in a free standing bank branch building (with drive thru) along the prime retail corridor Hawthorne Blvd in Torrance, CA.  The property is approximately 1 acre and is improved with a +/- 5,750 sf commercial building with drive thru.   The property sits just north of the prominent intersection of Hawthorne Blvd and Pacific Coast Hwy.

Calbay acquired the site from an undisclosed seller arranged by CBRE, and intends to redevelop the site for either restaurant/café , medical office or retail showroom use.  Leasing inquiries should be directed to Ryan Shea at Calbay Development and/or Maryl Binney at Highland Partners.

Calbay Development Makes Two Orange County Acquisitions to Kick Off 2022

ORANGE COUNTY, CA. — Calbay Development has started out 2022 with two property
acquisitions in Orange County. The first being a net leased El Pollo Loco in Orange, CA featuring a
drive-thru; and the second being a 1.6 acre redevelopment site in Santa Ana, CA which was
formerly occupied by Hometown Buffet.

Together, the two deals properties represent a deal size of approximately $6.5M, with over 14,800 sf
of leasable building space available at Santa Ana, and 2,200 sf of building space occupied at the El
Pollo Loco in Orange. The Santa Ana site boasts over 1.63 AC of land area on a signalized corner
on 17th Street and Lincoln Avenue, with quick on/off access to the I-5 Freeway. The El Pollo Loco
drive-thru sits comfortably on about half an acre on Chapman Avenue and is in close proximity to
notable landmarks like Chapman University and Old Towne Orange.

Bill Asher and Ed Hanley of Hanley Investments brokered the Santa Ana deal, whereas the El Pollo
Loco was purchased through James Slusher and Eric Shain of CBRE Newport Beach Office.

New single-tenant quick service restaurant building in Fullerton sells for $6.2M

JLL

New single-tenant quick service restaurant building in Fullerton sells for $6.2M

JLL Capital Markets closed the sale of the property that is triple net leased to Starbucks

NEWPORT BEACH, Calif., MM DD, 2020JLL Capital Markets announced today that it has closed the $6.2 million sale of a 3,000-square-foot, single-tenant retail building triple net leased to Starbucks in Fullerton, California.

JLL marketed the property on behalf of the property developer, Calbay Development, LLC, a retail development company based out of Manhattan Beach, California. A private, high-net-worth buyer based in Los Angeles purchased the asset for $2,067 per square foot. At 3.63%, this sale represented one of the lowest cap rates to trade for a Starbucks in the country this year.

Constructed in 2020, the property has a fully entitled drive-through and is occupied by investment-grade tenant Starbucks Corporation (NASDAQ: SBUX), which is the world’s largest coffee house chain and has more than 30,000 locations in 70 countries. Starbucks recently signed a rare, 20-year, absolute, triple-net ground lease with no termination rights, showing its commitment to the property.

Situated on 0.92 acres at 1101 S. Harbor Blvd., the building occupies a prime corner location with high visibility to more than 75,700 vehicles per day. The building is near downtown Fullerton within a major retail corridor with direct access to the 91 Freeway and across South Harbor Boulevard from a Costco-anchored neighborhood shopping center. Additionally, the property is in a dense, infill location surrounded by a population of more than 615,000 residents within a five-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Director Adam Friedlander in conjunction with Ron Duong of Marcus & Millichap.

“This Starbucks was one of the most attractive single-tenant, net-lease investment offerings that was on the market in Orange County this year, as drive-thru entitlements in Orange County are rare and take a considerable amount of time to achieve,” Friedlander said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.