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10/15/24
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A private investor from Thousand Oaks paid $4 mil for a 2.6k sf ($1,538/sf), corporate single-tenant property occupied by Jack in the Box Drive-Thru in Alameda.
The drive-thru property, originally renovated in 1991, sits on a 0.43-acre parcel at 1257 Park St, at the signalized intersection of Park and Encinal Ave/Hwy 61 in the heart of historic Downtown Alameda, a destination shopping district known for boutique shops and gourmet restaurants. The intersection experiences more than 35,000 cars per day.
The property is located near Oakland International Airport, which saw more than 11 million passengers in 2023. The airport is the third largest in the San Francisco Bay Area, following San Francisco International Airport (SFO) and San Jose International Airport (SJC).
Hanley Investment Group’s Executive Vice Presidents Bill Asher, Jeremy McChesney, and Jeff Lefko, along with Colliers Senior Vice President Cherie Huillade, represented the seller, CalBay Development, an El Segundo-based property developer focused on buying and developing net-leased properties. The buyer was repped by Jake Kim from Pinnacle Estate Properties Inc in Westlake Village, California.
“We generated multiple qualified offers for a shorter-term lease in a high-barrier-to-entry location and secured a buyer who was seeking a well-located single-tenant investment leased to a corporate tenant,” said Asher. “The buyer, who owns a portfolio of similar single-tenant investments, including other Jack in the Box locations, found their 32+ year operating history, and recent lease extension particularly appealing.”
“This location is truly irreplaceable in the dense and affluent East Bay market,” said Huillade. “It’s four miles from Downtown Oakland, 16 miles from San Francisco, and 40 miles from Downtown San Jose, making it highly desirable for both residents and businesses
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