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Carl’s Jr. | Green Burrito, Salinas, CA

Carl’s Jr. | Green Burrito

CA, United States

Price $2,950,000
Cap Rate
NOI
Lease Term 14 Years Remaining
Lease Type
Rental Increases 10% Rental Increases Every 5 Years
Year Built 1989
Building Size 3,164 sq. ft.
Lot Size 0.61 Acres (26,700 sq. ft.)
Status Sold
Lead Broker Information Ryan Forsyth
Executive Director
415.228.9114
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

ABSOLUTE NNN LEASE WITH SCHEDULED RENT INCREASES
» 14-year NNN lease with three five-year option periods remaining
» Scheduled rental increases in initial term and option periods, providing a hedge against inflation
» Zero landlord management – provides ideal investment for an out-of-area investor

TOP-PERFORMING LOCATION WITH LONG OPERATING HISTORY
» Sales volume nearly 20% higher than the average Carl’s Jr. location
» Carl’s Jr. has operated successfully in this location since 1989 and is committed to remaining in this location
» Tenant exercised first three option periods and has three five-year option periods still remaining

HIGH-TRAFFIC LOCATION NEAR MAJOR THOUROUGHFARES
» Located at signalized hard corner with excellent access and visibility to 54,952 vehicles per day
» Close proximity to U.S. Highway 101, California’s major coastal north-south route, with 58,500 vehicles per day

CLOSE PROXIMITY TO LARGEST EMPLOYERS IN SALINAS MSA
» Half a mile from 269-bed Salinas Valley Memorial Hospital, with a staff of 2,132 employees
» Within walking distance of Taylor Farms’ shipping facility, the largest employer in the Salinas MSA, with 2,500 employees
» Provides a large customer base for Carl’s Jr.

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the signalized hard corner Abbott Street and East Blanco Road, with excellent access and visibility to 54,952 vehicles per day at the intersection. Access to U.S. Highway 101 is less than a mile from the property. The highway is the major coastal northsouth route in California, and boasts a traffic count of 58,000 vehicles per day near the property. Major retailers surrounding the site include Chevron, Denny’s, Honda, Pilot Travel Center, and 7-Eleven. Several large retail centers are located near the property, including Harden Ranch Plaza and Northridge Mall. Northridge Mall is the largest shopping mall in Monterey County and is anchored by Macy’s, JCPenney, Sears, and Forever 21.

The site benefits from its close proximity to Salinas’ largest employers, providing a strong customer base for Carl’s Jr. The property is located half a mile from the 269-bed Salinas Valley Memorial Hospital. Salinas Valley Memorial Healthcare is one of the largest employers in the region, with a staff of 2,132. Additionally, the site is located next to industrial buildings housing multiple manufacturing, shipping, and packing centers, including the shipping facility for Taylor Farms, the largest employer in the Salinas MSA. Additionally, the property is located in a densely populated area, with a population of 161,431 within a five mile radius of the site.

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