Press Releases

EL SEGUNDO, CA (February 25, 2022) – Calbay Development, LLC has acquired a portfolio of (2) drive-thru
Jack in the Box sites in the Bay Area (Oakland MSA) for $5,250,000. The sites, acquired via an off-market
transaction, are located in Alameda and Fremont, and are leased on a NNN basis by Jack in the Box Corporate.

Calbay purchased the sites due to above average store sales, in place cash flow, and upside due to below market
rents. Each site is located in an area where it is very difficult to get new drive-thru restaurants approved, therefore
making these existing drive-thrus tremendously valuable in the long run.

Calbay acquired the portfolio from a private family partnership that had owned the properties on a long-term basis.
The transaction was arranged by Cherie Huillade of Colliers International. Financing was provided by MidFirst
Bank, American First Credit Union, and Marabella Commercial Finance.

ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released.

Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard.

Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space.

Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.

MANHATTAN BEACH, CA – Calbay Development, LLC has acquired the fee interest in a free standing bank branch building (with drive thru) along the prime retail corridor Hawthorne Blvd in Torrance, CA.  The property is approximately 1 acre and is improved with a +/- 5,750 sf commercial building with drive thru.   The property sits just north of the prominent intersection of Hawthorne Blvd and Pacific Coast Hwy.

Calbay acquired the site from an undisclosed seller arranged by CBRE, and intends to redevelop the site for either restaurant/café , medical office or retail showroom use.  Leasing inquiries should be directed to Ryan Shea at Calbay Development and/or Maryl Binney at Highland Partners.

ORANGE COUNTY, CA. — Calbay Development has started out 2022 with two property
acquisitions in Orange County. The first being a net leased El Pollo Loco in Orange, CA featuring a
drive-thru; and the second being a 1.6 acre redevelopment site in Santa Ana, CA which was
formerly occupied by Hometown Buffet.

Together, the two deals properties represent a deal size of approximately $6.5M, with over 14,800 sf
of leasable building space available at Santa Ana, and 2,200 sf of building space occupied at the El
Pollo Loco in Orange. The Santa Ana site boasts over 1.63 AC of land area on a signalized corner
on 17th Street and Lincoln Avenue, with quick on/off access to the I-5 Freeway. The El Pollo Loco
drive-thru sits comfortably on about half an acre on Chapman Avenue and is in close proximity to
notable landmarks like Chapman University and Old Towne Orange.

Bill Asher and Ed Hanley of Hanley Investments brokered the Santa Ana deal, whereas the El Pollo
Loco was purchased through James Slusher and Eric Shain of CBRE Newport Beach Office.