HABIT & BLAZE PIZZA
LOS BANOS, CA
$3,800,000
AT A GLANCE
Faris Lee represents Newport Beach-based 1031 investor purchasing outparcel pad to Stonecreek Plaza
Two tenant internet-resistant NNN investment - The Habit Burger (drive-thru) and Blaze Pizza
CHALLENGES
Aggressive 5.30% list cap rate for tertiary market
Lack of sale comparables to justify price to buyer and lender
Tenants have recently occupied, no tenant sales history, Habit Burger common stock performing poorly
MARKETING STRATEGY
Highlighted to buyer the ability to acquire a unique two-tenant investment leased to QSR with drive-thru
Showed intrinsic value of out-parcel at Stonecreek Plaza anchored by Target and Hobby Lobby
Difficult to locate lender for tertiary market, prequalify and select lender immediately after writing initial offer
RESULTS
Faris Lee prequalified and located lender for buyer, lender closed without any re-trades
Supplied buyer with void analysis showing lack of QSR’s in immediate trade area
Introduced out-of-area sale comparables to appraiser, property appraised at purchase price