Portfolio & Past Projects

A snapshot of completed deals & current holdings


Jr. Retail Space Redevlopment - Leased


Alhambra, California

Former Office Depot located along a major traffic corridor in San Gabriel Valley. Easy access to the I-10 Freeway with 25,800 sf of leasable space on 1.54 AC.

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Corner Lot Redevelopment - Leased


Santa Ana, California

Former HomeTown Buffet well positioned on a corner signalized lot with over 1.5 AC of land, being redeveloped for EV Charging hub with specialty grocery and car wash. Opening 2023.

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El Pollo Loco Drive-thru


Orange, California

 El Pollo Loco drive-thru with about half an acre on Chapman Avenue. Close proximity to notable landmarks like Chapman University and Old Towne Orange.

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Crown Valley Vista

Crown Valley Vista

Mission Viejo, California

Under-performing restaurant with long lease term acquired for redevelopment into multi-restaurant offering. A lease re-structure and buyout was negotiated to facilitate an immediate opportunity to market and capture the interest from restaurants with requirements in Mission Viejo. A collection of four eateries were developed and opened Q2 2018.


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Drive-Thru / New Construction


Monrovia, California

Acquisition and redevelopment of a retail box store site on Huntington Drive in Monrovia. The Project involved reconfiguration of site from a traditional box retail storefront with limited parking, into a drive thru site catering to daily commuters. Calbay worked closely with city staff to meet challenging car queuing and traffic concerns and requirements, while also bringing forth a first class store design with fantastic curb appeal.

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Prime Orange County Hard Corner


Anaheim, California

Multi-tenant strip center (with excess land) at hard corner position of Walmart anchored center at the Fullerton-Anaheim city border. It was acquired due to below market rents and ability to capture upside due to near term expirations and potential for redevelopment of drive thru restaurant or fuel/EV station.

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20,000 sf Grocery Space - SOLD


La Puente, California

Calbay acquired the NNN leased “99c Only Store” property in the Rowland Heights / La Puente area of Los Angeles, CA. The property is approximately 2 acres and is improved with a +/- 20,000 grocery store box.  The property sits at the prominent intersection of Colima and Nogales just south of the CA-60 Freeway.



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Former Casual Dining Site Redevelopment


West Covina, California

Former Elephant Bar casual dining restaurant was acquired to redevelop as Chick-fil-a, which opened in Q1 2020. Calbay team overcame numerous challenges including a pending drive thru restriction affecting the entire West Covina downtown area.   The property acquisition also included a Pacific Western Bank pad which may be redeveloped in the future. Opened Q1 2020.


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Multi-Pad Land Development Site

Torrance 405FWY-SitePlan

Torrance, California

A truly unique opportunity to locate at a prime Torrance location at the former Toyota Headquarters. One of the last undeveloped parcels along the I-405 freeway in the South Bay. 5 acres with freeway visibility and multiple access points. +130,000 buildable square footage.  Breaking ground Q2 2023.



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New Drive-thru Construction Leased

SBX-Torrance Hawthorne blvd

Torrance, California

Calbay purchased a vacant Bank of the West property on Hawthorne Blvd. The property is well positioned for a new construction drive-thru, medical use, dental office, urgent care, or to be leased as-is by another bank. This site totals over 0.92 AC of land with a 5,651 sf building, plus an additional 1,097 sf mezzanine space. Breaking Ground Q4 2023.


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Former Bank Building in Coastal Location


Manhattan Beach, California

Former bank branch was acquired with intent to execute a change of use into service and/or office.  Fantastic coastal location and rooftop deck offered a unique ability for CalBay to offer a first-class boutique office space in downtown Manhattan Beach.   Palm Realty opened for business in Q4 2019.


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Drive-Thru Development / New Construction


Fullerton, California

 Former Denny’s restaurant was acquired due to massive upside from redevelopment once the lease Denny’s expired.   CalBay redeveloped the site for an oversized Starbucks café plus drive thru.  With the site totaling 1-acre Starbucks was able to open in 3,000 sf and close two nearby stores to consolidate sales into this flagship location. The store opened in Q1 2020.


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Acquisition & Remodel Casual Dining Site


Sylmar, California

Long term Denny’s restaurant with above average sales was acquired with intent to remodel the store and restructure the lease.  The property is located directly at the on/off ramp of I-5 freeway, which made it an irreplaceable location for Denny’s. Sold.



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Target Store Outparcel Dev.


Anaheim, California

Due to CalBay’ s strong relationship with Target Corp. CalBay was able to create a new development parcel within Target’s parking lot.   CalBay navigated numerous challenges associated with obtaining the approvals for a new Raising Cane’s with drive thru, including lot line adjustments, street dedications, overcoming traffic and queuing objections from City Staff.   The Raising Cane’s opened for business in Q3 2019.

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Norm logo

Ontario Mills Mall Outparcel


Ontario, California

Former Chevy’s restaurant located on outparcel to the at Ontario Mills, the most dominant retail shopping destination in the entire Inland Empire. At just under 2 acres this site was oversized relative to most other El Torito/Chevy’s location and thus offers significant upside through redevelopment and re-leasing. Norm's Diner Opening May 2023.


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Express Car Wash / New Construction


Ontario, California

Former steakhouse restaurant site was acquired from the owner-user with intent to redevelop the site for either QSR or service station or car wash.  Due to direct adjacency to the Lowe’s anchored center the site commanded significant interest from national brands.  CalBay leased the site to Fast5Xpress which opened for business in Q2 2019.


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Drive-thru Redev. at Kaiser Hospital


Los Angeles, California

Former Carl’s Jr acquired with expiring lease.  This property is located directly adjacent to on/off ramp to I-10 freeway, as well as being next door to Kaiser Permanente Hospital.  The site sits within a drive thru restricted area making the existing drive thru approvals extremely valuable.


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Drive-Thru Redevelopment Site


Pleasanton, California

Former Arby’s drive thru converted to Starbucks in connection with a major remodel of the building and a completely new and improved presentation of the storefront, signage and storefront. Property is located within the Hacienda district of Pleasanton an extremely difficult area to achieve drive thru approvals. Sold in 2018.


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Drive-Thru Redevelopment Site


Newark, California

Former Arby’s drive thru converted to Starbucks café with drive thru. Property benefited from being on oversized lot and oversized building and direct adjacency to Newpark Mall in Newark. Sold.




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Store remodel & lease re-structure


Foothill Ranch, California

Outback Steakhouse restaurant located within the high-end Foothill Ranch of south Orange County, acquired for intent to remodel the building and sold in 2018.




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Drive-Thru redevelopment site


Buena Park, California

Former Burger King acquired within the Resort District of Buena Park  CA.   Located a few blocks north of Knottsberry Farm on Beach Blvd, the site was an irreplaceable drive thru location which commanded interest from numerous QSR’s looking for drive thrus.  CalBay leased the site to Starbucks and accomplished a substantial remodel to the building.   The new Starbucks café opened in Q2 2019.


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Casual Dining Redevelopment


Chino, California

Former Carrow’s Restaurant acquired for purposes of major redevelopment and re-branding to Black Bear Diner Store, which opened in Mid 2017 and is one of the highest performing units in the Chain.



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Drive-thru New Construction

Commerce Outline

Commerce, CA

Owner/user restaurant operator looking to downsize their number of locations. Property was acquired off-market through direct outreach. A build-to-suit lease agreement with Starbucks was signed thereafter, with construction beginning in Q1 2023. A new Starbucks drive-thru with indoor and outdoor seating areas is slated to open in 2023.

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Existing Drive-thru In Prime Coastal Market

Cardiff Outline

Cardiff by the Sea, California

Acquisition of a corporate-owned Jack in the Box drive-thru in Cardiff, CA. The site, brokered by Reg Kobzi, Michael Peterson, Natasha Edwards, and Brianna Bowers of CBRE and Mike Clark of Main & Main, was sold with a  short-term sale/leaseback with Jack in the Box corporate, with plans to be redeveloped into a new restaurant in 2023.

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Parcel Assemblage on San Diego Hard Corner

Santee Outline

Santee, California

Calbay acquired a value-add strip center, with option to purchase a corner lot of excess land, located on a signalized intersection in Santee, CA (San Diego MSA). The site benefits from upside due to short term leases, strong traffic, major adjacent retailers, and on/off access to the 52 Freeway. The property is currently being repositioned for national tenants.

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