Faris Lee Investments Completes $3.8 Million Sale of New Blaze Pizza and Habit Burger Building in Los Banos, CA
IRVINE, Calif., April 26, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $3.8 million sale of a two-tenant building fully occupied by quick-serve restaurants Blaze Pizza and Habit Burger. The triple-net leased asset is located at 1335 West Pacheco Avenue in Los Banos, CA.
Senior Managing Director Shaun Riley represented the buyer, a private investor based in Newport Beach, Calif. The seller, LRG Los Banos, LLC, was represented by John Andreini of Capital Pacific. The transaction closed at a cap rate of 5.45 percent.
Built in 2017, the 5,500-square-foot property on .68 acres includes a drive-thru for Habit Burger and 39 parking spaces. Major retailers in the immediate area also include Target, Walmart Supercenter, Petco, Starbucks, and many others.
“The transaction offered the buyer a unique opportunity to acquire an investment that is 100 percent leased until 2027 to two well-performing quick serve restaurants, with rent increases every five years,” said Riley. “The asset is ideally located at the gateway to Stonecreek Plaza Shopping Center, one of the most trafficked shopping centers in the growing city of Los Banos, anchored by Target and Hobby Lobby.”
Habit Burger is a casual restaurant chain with more than 190 restaurants in 10 states and anticipated revenues of approximately $335 million in 2017. Blaze Pizza, named “#1 Brand of the Year” in the 2017 Fast Casual Top 100, currently operates more than 200 restaurants in 32 states and Canada, with sales of $185 million in 2016.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.
Faris Lee is also strategic partner with X Team Retail Advisors, an integrated platform of retail real estate specialists that offers coverage in 40 major markets across the United States and Canada encompassing more than 265 professionals. X Team provides specialty expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.