January 15, 2020
Hanley Investment Group has completed the sale of a two-tenant retail site occupied by In-N-Out Burger and Corky’s Kitchen & Bakery in Yucaipa, CA in San Bernardino County. The two freestanding buildings were acquired for $8 million, representing a cap rate of 4.11% and $956 per square foot.
Hanley ’s Bill Asher, Ed Hanley and Jeff Lefko, represented the seller, VantageOne Real Estate Investments, LLC of Newport Beach, CA in the transaction. The buyer, a private investor from Los Angeles, was represented by Edward Weng of TFS Properties in San Marino, CA.
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 4,500-square-foot Corky’s, which is open 24 hours a day, also has a long-term lease with renewal options and fixed increases.
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