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8/26/16
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A new 5.5k sf, single-tenant building in La Habra sold for $3.3 mil, or $600/sf. The property, located at 1000 S. Beach Blvd, at the southeast corner with Fashion Square Lane, is absolute, NNN-leased to Black Bear Diner.
Built in 2016, the restaurant is situated on .71 acres. The property shares Fashion Square Lane access with the adjacent Regal Cinema-anchored La Habra Market Place neighborhood center. Across the street from Black Bear Diner, Fairfield Development is under construction on a 335-unit luxury apartment complex, which is expected to be completed in 2017.
The Black Bear Diner ground lease, which is corporate guaranteed, is for 10 years and features 10% rental escalations every five years. Black Bear Diner, founded in 1995, is a fast growing, community-oriented, family dining concept that offers a one-of-a-kind experience in a fun, bear-themed atmosphere. It is ranked in the top 200 chains by Franchise Times and a top franchise opportunity by Franchise Business Review. The company currently has 78 locations spread across eight western states, and has a goal of 100 units by 2018.
Jeremy McChesney with Hanley Investment Group Real Estate Advisors represented the seller, Tropical Holdings LLC and Ruffin Tech Center Ltd of Hermosa Beach. Peter Deltondo of Marcus Millichap repped the buyer, a private investor from Rowland Heights. The transaction closed at a 4.4% cap rate.
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