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3/09/22
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A newly constructed, single-tenant Habit Burger Grill drive-thru property in Palm Desert sold for $4.57 mil. The 2.7k sf ($1,692/sf) property sits on 0.91 acres at 73320 Dinah Shore Dr, at the newly developed Monterey Crossing shopping center at the I-10 and Monterey Ave interchange.
The Habit Burger Grill is known for its signature Charburgers and fast-casual dining experience. The menu also includes sandwiches, fresh salads, a variety of sides and more. In March of 2020, Yum! Brands, which owns Taco Bell, KFC and Pizza Hut, finalized the purchase of the Southern California-based burger chain for around $375 million. Today, Habit Burger currently has 340 locations globally with the majority of its locations in California.
The property was sold by the developer, Fountainhead Development of Newport Beach. Fountainhead is currently developing additional single-tenant pads and multi-tenant buildings in the first phase of the project, in addition to a second phase of the shopping center, which combined will ultimately feature 17 acres of best-in-class retail.
John Costa, David Fults and Brian McLoughlin of Voit Retail Estate Services in Los Angeles represented the buyer of The Habit Burger Grill Drive-Thru, a private investor based in Southern California. Hanley Investment Group Real Estate Advisors’ Bill Asher and Jeff Lefko represented Fountain head in the deal. This transaction marks the fourth retail pad building Hanley Investment Group has sold at Monterey Crossing, totaling a combined 17k sf and approximately $20.3 mil.
Previous sales included two brand new, single-tenant ground leased pads to Chick-fil-A Drive-Thru and Quick Quack Car Wash, along with a two-tenant pad building occupied by AT&T and Spectrum. All four properties were sold to four separate buyers at record-low cap rates.
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