Connect with us

By Press Release

Hanley Investment Group Arranges Pre-Sale of New Taco Bell Drive-Thru in Riverside County, Calif., for $2.9 Million



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 brand-new construction, single-tenant property occupied by a Taco Bell Drive-Thru in Corona, California. The sale price was $2.9 million for the new 20-year absolute triple-net ground lease.

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Spanning the last 48 years, Evergreen is a national retail and multi-family development company with a heavy emphasis on developing projects in California, Colorado, Arizona and Utah. The buyer, a private investor based in Los Angeles County, was represented by David Aschkenasy at Commercial Asset Group in Los Angeles.

“We generated multiple competitive and qualified offers and procured a Southern California-based all-cash 1031 exchange buyer,” Asher said. “We negotiated a quick 14-day due diligence period and closed escrow before the tenant opened for business.”

Asher noted the tenant, Alvarado Restaurant Nation, operates more than 200 Yum! Brand restaurants across multiple states and has been in operation for nearly 40 years.

“We achieved premium pricing for the sale of the property that was more reflective of a Taco Bell investment leased by corporate rather than a franchisee.”

Yum! Brands operates over 54,000 locations in 155 countries and territories and is the parent company of KFC, Pizza Hut, Taco Bell and The Habit Burger Grill. Taco Bell is the nation’s leading Mexican-inspired quick-service restaurant with over 8,200 locations worldwide. In 2022, Taco Bell opened 496 new restaurants in 24 countries. In the U.S., Taco Bell’s system sales grew by 10%. U.S. same-store sales grew by 11% in Q4 2022.

The single-tenant 2,049-square-foot Taco Bell is located on 0.94 acres at 8602 Cajalco Road in Corona, near the signalized intersection of Temescal Canyon Road and Cajalco Road (37,000+ cars per day). Adjacent tenants include a Circle K convenience store with a gas station and car wash and a future Popeyes Drive-Thru scheduled to be built and open later this year. The property is also surrounded by new and existing residential communities with over 5,400 homes.

The property is situated a half-mile east of the Interstate 15 on/off ramps (176,700 cars per day) and across the street from Crossings at Corona, one of the Inland Empire’s top-performing regional power and entertainment centers with 7.5 million annual visitors and one of the top 13% most visited power centers in the country, according to

“The Taco Bell property is strategically located in South Corona’s dominant regional retail corridor, adjacent to the Crossings at Corona,” Asher said. “The property benefits from a growing, affluent trade area with over 139,000 people within a five-mile radius and an average household income over $153,000 within a three-mile radius.”

The city of Corona is part of the Inland Empire, one of the fastest-growing regions in the country. The Inland Empire has grown by 78% in the past 30 years.

According to Asher, “We typically implement a pre-sale marketing process prior to the completion of construction to help the seller retain maximum value for the development. For many historical transactions, we have been able to procure buyers for net-leased assets often before the buildings are completed and negotiate closings before the tenants have finished their buildout and are open for business. We expect investor demand to remain steady and pricing stable for well-located single-tenant net-retail investments leased to national corporate quick-service restaurant (QSR) drive-thru tenants.”

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

Continue Reading

By Press Release

Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families



Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

Continue Reading

By Press Release

BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA



Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

Continue Reading

Bizz Buzz

Hernandez resigns as County CEO; Snoke will continue filling in pending Board action



Leonard X. Hernandez resigned from the post of County Chief Executive Officer effective today. County Chief Operating Officer Luther Snoke has been filling in for Hernandez while Hernandez has been on leave and will continue to do so. The Board of Supervisors will act to appoint an interim or permanent CEO shortly.

“The Board of Supervisors appreciates the service Leonard provided to the public and the County organization, especially as we navigated our way through the pandemic and other very difficult challenges,” said Board of Supervisors Chair Dawn Rowe.

Hernandez provided the following statement:

“It has been an extreme privilege to serve as the Chief Executive Officer of San Bernardino County. I am thankful to the Board of Supervisors for their leadership and the hard-working men and women who do amazing work every day. Due to an urgent family health issue that requires my immediate and undivided attention, I have informed the Board of my resignation. Under the strong leadership of the Board of Supervisors and the County’s executive team, the County will continue doing great things for the residents of San Bernardino County.”

“The Board of Supervisors is committed to a seamless transition in staff leadership with no interruption in County services or impact on County residents or employees,” Rowe said. “Luther has performed well filling in for Leonard and I am confident in his ability to continue serving in this role until the Board takes action.”

Continue Reading

Business Journal Newsletter

Events Calendar

« November 2023 » loading...