HABIT & BLAZE PIZZA

LOS BANOS, CA

$3,800,000

Habit-Blaze Pizza-2

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