A property housing a Jack in the Box Drive-Thru in Alameda has been sold for $4 million, according to a press release by Hanley Investment Group, the selling party. A private investor from Thousand Oaks purchased the 2.6k square foot property, translating to a cost of roughly $1,538 per square foot.
The property, located at 1257 Park St., is nestled within the bustling intersection of Park and Encinal Ave/Hwy 61, in downtown Alameda—a destination known for its boutique shops and gourmet offerings. The strategic location of the drive-thru is accentuated by the traffic of more than 35,000 cars passing through daily. Alameda's proximity to Oakland International Airport, a significant travel hub with over 11 million passengers in 2023, further underscores its appeal.
Per Connect CRE, the sale was orchestrated by Hanley Investment Group’s Executive Vice Presidents Bill Asher, Jeremy McChesney, and Jeff Lefko, along with Colliers Senior Vice President Cherie Huillade, on behalf of the seller, CalBay Development. This El Segundo-based property developer is known for specializing in net-leased properties. On the buyer's side, representation came from Jake Kim of Pinnacle Estate Properties Inc., based in Westlake Village, California.
"We generated multiple qualified offers for a shorter-term lease in a high-barrier-to-entry location and secured a buyer who was seeking a well-located single-tenant investment leased to a corporate tenant," said Asher. The investor's acquisition was driven by the Jack in the Box location's longstanding operational history and its renewed lease agreement.
Cherie Huillade remarked on the location's competitive market positioning, adding, "This location is truly irreplaceable in the dense and affluent East Bay market. It's four miles from Downtown Oakland, 16 miles from San Francisco, and 40 miles from Downtown San Jose, making it highly desirable for both residents and businesses."
