The building, occupied by Whole Foods Market Inc. and Burger King, features visibility along the 101 Freeway and is 100% leased under long-term triple-net deals. It was built in 1999 and is leased under two contracts, one with Whole Foods for 26,168 sf and the other with Burger King for 2,368 sf. The Whole Foods lease is for 30 years, with 25 years remaining. Burger King's lease is for 20 years, with approximately 15 years remaining. Both leases include substantial fixed increases every five years.
Coo says that the transaction represented a challenge in that the buyer had to be willing to assume an existing, above-market conduit loan and also needed to provide a 55% down payment.The property is located in a densely populated, high-income trade area with a population of 351,027 within a five-mile radius and an average household income in excess of $88,000.
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