Calbay Development Acquires Portfolio of Jack in the Box Drive-Thrus in Bay Area for $5.3M

EL SEGUNDO, CA (February 25, 2022) – Calbay Development, LLC has acquired a portfolio of (2) drive-thru
Jack in the Box sites in the Bay Area (Oakland MSA) for $5,250,000. The sites, acquired via an off-market
transaction, are located in Alameda and Fremont, and are leased on a NNN basis by Jack in the Box Corporate.

Calbay purchased the sites due to above average store sales, in place cash flow, and upside due to below market
rents. Each site is located in an area where it is very difficult to get new drive-thru restaurants approved, therefore
making these existing drive-thrus tremendously valuable in the long run.

Calbay acquired the portfolio from a private family partnership that had owned the properties on a long-term basis.
The transaction was arranged by Cherie Huillade of Colliers International. Financing was provided by MidFirst
Bank, American First Credit Union, and Marabella Commercial Finance.