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May 27, 2024
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Inland Empire Two-Tenant Retail Property Trades in Record Deal


A freeway-adjacent, two-tenant retail investment occupied by In-N-Out Burger and Corky’s Kitchen & Bakery in San Bernardino County sold for $8 mil in a deal that works out to $956/sf and a cap rate of 4.11%. We’re told this is a record-cap rate and pricing for a two-tenant investment priced above $5 mil in the Inland Empire.

Built in 2016, the In-N-Out Burger and Corky’s Kitchen & Bakery property is located on 2.21 acres at the I-10 Fwy Yucaipa Blvd off-ramp at 31465 and 31467 Avenue E in Yucaipa. The 3.9k sf In-N-Out Burger (with drive-thru) is on a long-term ground lease with renewal options and fixed increases. The 4.5k sf Corky’s Kitchen & Bakery, which is open 24 hours a day, also has a long-term lease with renewal options and fixed increases.

The Yucaipa location is the only In-N-Out location within a 7.5-mile radius and the only Corky’s Kitchen & Bakery within a 16-mile radius. The property also benefits from the average household income of $115,000 within a three-mile radius.

Bill Asher, Ed Hanley and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, VantageOne Real Estate Investments LLC of Newport Beach. The all-cash buyer, a private investor from Los Angeles, was repped by Edward Weng of TFS Properties in San Marino.

From 2010-2019, the California Finance Department reported that the Inland Empire added 407,476 people to reach 4,632,327. The gain represented 15.2% of California’s population growth of 2,673,359. The Inland Empire now exceeds the populations of 25 U.S. states, according to local economist John Husing, Ph.d.

According to Hanley, “The Inland Empire has the highest employment growth in the country and also the highest home price growth in Southern California.”

San Bernardino County has more than 300 million square feet of existing industrial, manufacturing, and distribution space occupied by prominent companies including Amazon, Big O Tires, Costco, El Super, FedEx, Kohl’s, Mattel, Nordstrom, Pepsi, Petco, Skechers, Target, The Home Depot, UPS and Walmart.

Founded in the mid-2000s, Corky’s is a full-service, homestyle kitchen and bakery with 12 locations throughout Southern California including its newest one in Apple Valley, California, which opened in the 4th quarter of 2019. Corky’s – not related to the former Corky’s on Van Nuys Blvd in the heart of the San Fernando Valley years ago -- was built in honor of the founders’ Grandma Corky who made everything from scratch using only the freshest ingredients. The chain specializes in comfort foods and baked goods and its menu is filled with classic, recognizable items. The typical Corky’s location stays open 24 hours a day, like a traditional diner setting. The Yucaipa location was voted as a Favorite for the categories of Best American Cuisine, Best Breakfast, Best Bakery/Dessert Shop, and Best Coffee Shop in the Inland Valley Daily Bulletin’s 2017 Readers Choice Awards.

In-N-Out Burger was founded in 1948 by Harry and Esther Snyder in Baldwin Park, California. It remains privately owned and operated with no franchise operators; headquartered in Irvine, CA. Under the direction of the Snyder family, the company has opened restaurants throughout California, Nevada, Arizona, Utah, Oregon, Colorado, and Texas, and currently has 347 locations. In-N-Out Burger’s menu has remained the same since 1948, maintaining a simple philosophy – serve only the highest quality product, prepare it in a clean and sparkling environment, and serve it in a warm and friendly manner. The company’s reputation is for fresh, made-to-order foods prepared without the use of microwaves, heat lamps or freezers.

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