January 30, 2019
Paragon Commercial Group, LLC sold a rare In-N-Out Burger ground lease in San Jose to a private Bay Area buyer for $6.9 million. The restaurant is currently under construction and is expected to open in Q1 2019.
Paragon’s Jim Dillavou says, “we worked collaboratively with one of California’s most iconic retail brands, In-N-Out Burger, to enable the opening of a new location in this very high barrier to entry market.”
Paragon began work to acquire the former parking lot site from a Lowe’s Home Improvement in 2014, and concurrently entered into a ground lease with In-N-Out Burger for a single-tenant restaurant. The site is located in a prime arterial of Silicon Valley, south of the 101 Freeway on the corner of Great Oaks Parkway and Cottle Road, between big box retailers Target and Lowe’s.
Sands Investment Group’s Andy Chana represented the undisclosed buyer. Cushman & Wakefield’s Christopher Sheldon represented Paragon.
For comments, questions or concerns, please contact Dennis Kaiser