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4/27/18
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A Newport Beach-based private investor paid $3.8 mil for a 5.5k sf ($690/sf), two-tenant building fully occupied by quick-serve restaurants Blaze Pizza and Habit Burger. The NNN-leased asset sits on .68 acres at 1335 West Pacheco Avenue in Los Banos, a CA city between San Jose and Fresno in Merced County.
Built in 2017, the property includes a drive-thru for Habit Burger and 39 parking spaces. Major retailers in the immediate area also include Target, Walmart Supercenter, Petco, Starbucks, and many others.
Shaun Riley with Faris Lee Investments represented the buyer. The seller, LRG Los Banos LLC, was repped by John Andreini of Capital Pacific. The transaction closed at a cap rate of 5.45%.
“The transaction offered the buyer a unique opportunity to acquire an investment that is 100% leased until 2027 to two well-performing quick serve restaurants, with rent increases every five years,” said Riley. “The asset is ideally located at the gateway to Stonecreek Plaza Shopping Center, one of the most trafficked shopping centers in the growing city of Los Banos, anchored by Target and Hobby Lobby.”
Habit Burger is a casual restaurant chain with more than 190 restaurants in 10 states and anticipated revenues of approximately $335 mil in 2017. Blaze Pizza, named “#1 Brand of the Year” in the 2017 Fast Casual Top 100, currently operates more than 200 restaurants in 32 states and Canada, with sales of $185 mil in 2016.
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