Yucaipa In-N-Out Burger and Corky’s Kitchen & Bakery sells for $8 million
YUCAIPA — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a freeway-adjacent, two-tenant retail investment occupied by In-N-Out Burger and Corky’s Kitchen & Bakery in San Bernardino County, California.
The purchase price of the two freestanding buildings was $8 million, representing a cap rate of 4.11% and $956 per square foot. This sale marks a record-cap rate and pricing for a two-tenant investment priced above $5 million in the Inland Empire of Southern California.
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Hanley Investment Group’s Executive Vice President Bill Asher, President Ed Hanley, along with Vice President Jeff Lefko, represented the seller, VantageOne Real Estate Investments, LLC of Newport Beach, California. The buyer, a private investor from Los Angeles, was represented by Edward Weng of TFS Properties in San Marino, California.
Built in 2016, the In-N-Out Burger and Corky’s Kitchen & Bakery property is located on 2.21 acres at the Interstate 10 freeway Yucaipa Boulevard off-ramp at 31465 and 31467 Avenue E in Yucaipa. The 3,867-square-foot In-N-Out Burger (with drive-thru) is on a long-term ground lease with renewal options and fixed increases. The 4,500-square-foot Corky’s Kitchen & Bakery, which is open 24 hours a day, also has a long-term lease with renewal options and fixed increases.
This week’s announced sale marks a record-cap rate and pricing for a two-tenant investment priced above $5 million in Southern California’s Inland Empire, according to Hanley Investment Group. HIG photo
“We procured an all-cash Southern California-based buyer within the first two weeks of marketing the property and closed escrow within 30 days,” said Asher. “The buyer immediately recognized the long-term intrinsic value of the location adjacent to Interstate 10 at the Yucaipa Boulevard exit, the main east/west freeway connecting Los Angeles and San Bernardino counties. Visible to more than 138,000 cars per day and benefitting from freeway visible pylon signage, the property is ideally positioned in an outstanding location that will complement the businesses for each tenant well into the future.”
The Yucaipa location is the only In-N-Out location within a 7.5-mile radius and the only Corky’s Kitchen & Bakery within a 16-mile radius. The property also benefits from the average household income of $115,000 within a three-mile radius.
From 2010-2019, the California Finance Department reported that the Inland Empire added 407,476 people to reach 4,632,327. The gain represented 15.2% of California’s population growth of 2,673,359. The Inland Empire now exceeds the populations of 25 U.S. states, according to local economist John Husing, Ph.d.
According to Hanley, “The Inland Empire has the highest employment growth in the country and also the highest home price growth in Southern California.”
San Bernardino County has more than 300 million square feet of existing industrial, manufacturing, and distribution space occupied by prominent companies including Amazon, Big O Tires, Costco, El Super, FedEx, Kohl’s, Mattel, Nordstrom, Pepsi, Petco, Skechers, Target, The Home Depot, UPS and Walmart.
Founded in the mid-2000s, Corky’s is a full-service, homestyle kitchen and bakery with 12 locations throughout Southern California including its newest one in Apple Valley, California, which opened in the 4th quarter of 2019. Corky’s was built in honor of the founders’ Grandma Corky who made everything from scratch using only the freshest ingredients. The chain specializes in comfort foods and baked goods and its menu is filled with classic, recognizable items. The typical Corky’s location stays open 24 hours a day, like a traditional diner setting. The Yucaipa location was voted as a Favorite for the categories of Best American Cuisine, Best Breakfast, Best Bakery/Dessert Shop, and Best Coffee Shop in the Inland Valley Daily Bulletin’s 2017 Readers Choice Awards.
In-N-Out Burger was founded in 1948 by Harry and Esther Snyder in Baldwin Park, California. It remains privately owned and operated with no franchise operators; headquartered in Irvine, CA. Under the direction of the Snyder family, the company has opened restaurants throughout California, Nevada, Arizona, Utah, Oregon, Colorado, and Texas, and currently has 347 locations. In-N-Out Burger’s menu has remained the same since 1948, maintaining a simple philosophy – serve only the highest quality product, prepare it in a clean and sparkling environment, and serve it in a warm and friendly manner. The company’s reputation is for fresh, made-to-order foods prepared without the use of microwaves, heat lamps or freezers.
“We procured an all-cash Southern California-based buyer within the first two weeks of marketing the property and closed escrow within 30 days,” explained HIG’s Executive Vice President Bill Asher Asher; who said, “The buyer immediately recognized the long-term intrinsic value of the location. HIG photo
Hanley Investment Group has been one of the most active retail investment brokerage companies in the Inland Empire with 32 sold transactions in the last 12 months. Some of the recent sales in the Inland Empire in the last three months include the sale of a new-construction , two-tenant retail building occupied by ALDI grocery store and WSS shoe store in Rialto; Wells Fargo, Panda Express and Del Taco drive-thru pads in Lake Elsinore; Burger King drive-thru in Chino Hills; Chevron in Fontana; and Cardenas supermarket in Ontario.
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.
Submitted by Monaghan Communications Inc.
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Trevor Montgomery, 48, moved in 2017 to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers, Valley News, (the now defunct) Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego County and Mountain Echo in Shasta County.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back, and suffering both spinal cord and brain injuries in an off-duty accident. (Click here to see segment of Discovery Channel documentary of Trevor’s accident.)
During his time with the sheriff’s department, Trevor worked at several different stations; including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center, and Lake Elsinore Station; along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team, and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 29 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 16 grandchildren.