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Calbay Development Acquires Three Retail Properties in California for $8.5M

COMMERCE, CARDIFF AND SANTEE, CALIF. — Calbay Development has purchased three retail value-add properties in California for a total of $8.5 million.

In the first transaction, Calbay acquired a site in Commerce in a short-term sale/leaseback off-market transaction for $2.5 million. Calbay will construct a new Starbucks drive-thru café on the site in 2023.

The second deal is a corporate-owned Jack in the Box drive-thru in Cardiff for $2.5 million. Reg Kobzi, Michael Peterson, Natasha Edwards and Brianna Bowers of CBRE and Mike Clark of Main & Main brokered the transaction. The property was sold with a short-term sale/leaseback with Jack in the Box corporate. Calbay plans to redevelop the property into a new restaurant in 2023.

In the third transaction, Calbay acquired a value-add strip center, with option to purchase a corner lot of excess land, located on a signalized intersection in Santee for $3.5 million. The site benefits from upside due to short-term leases, strong traffic, major adjacent retailers and on/off access to the 52 Freeway. Greg Spounias of Highland Partners Corp. brokered the transaction.

Calbay secured financing through MidFirst Bank for all three sites and intends to redevelop each property with national brand retailers and restaurants in 2023.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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