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PLEASANTON AND NEWARK, CALIF. — CalBay Development has acquired a portfolio of two restaurants located in Pleasanton and Newark for $3.6 million. The sellers were the original developers and current franchisee owner-operators of the sites, which are occupied by drive-thru Arby’s restaurants.
CalBay plans to remodel the sites and re-open the properties under a new national tenant brand. Redevelopment is scheduled to begin in fourth quarter 2017, with grand re-openings by the second quarter of 2018.
Aron Cline and Jonathan Prater of Matthews Retail Group brokered the off-market transaction.