FRESNO, Calif. - 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 has arranged the sale of a new construction, single-tenant Starbucks Drive-Thru in Fresno, California, for $3.18 million. The property is located less than five minutes from California State University, Fresno (25,000+ students).
Hanley Investment Group's Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller and developer, Laguna Canyon Group, based in Orange County, California. The buyer, a private investor based in Fresno, was represented by Patrick Conway with CBRE in Glendale, California.
"We generated multiple qualified offers and procured a local, all-cash, 1031 exchange buyer who lives in close proximity to the property," noted Asher. "We structured a timely three-week contingency period and scheduled the close of escrow upon Starbucks' formal rent commencement."
Asher adds, "Single-tenant corporate Starbucks Drive-Thru investments continue to attract consistent demand from net-lease investors due to their typical strong fundamental locations, tenant credit, and drive-thru prototype, which generates more than 70% of their business via the drive-thru."
The new 2,250-square-foot, freestanding Starbucks-occupied building is located at 6082 N. First Street, at the signalized intersection of First Street and Bullard Avenue (50,000 cars per day), within walking distance to California State University, Fresno, Ahwahnee Middle School (709 students), and Hoover High School (2,018 students). Built in 2023 on 0.55 acres, Starbucks signed a new 10-year lease with a 10% increase every five years.
The property benefits from prominent pylon signage along Bullard Avenue and monument signage along First Street. Starbucks is ideally situated between two of Fresno's main highways; 41 (135,000 cars per day) and 168 (93,000 cars per day).
California's Central Valley has one of the world's largest economies and is located within four hours of 90% of the state's population. The city of Fresno is the largest city in the Central Valley and the fifth largest city in the state of California. There are 360,611 people within a five-mile radius.
"Investors continue to acquire Starbucks-leased investments as a flight to quality and security based on the company's credit (S&P: BBB+), continued company innovation and site selection that typically targets the best-positioned real estate for maximum accessibility, identity and visibility," Asher commented. "Even with higher interest rates and slower overall transaction velocity in 2023, single-tenant investments leased to national credit tenants will continue to trade at premium historical pricing."
Hanley Investment Group is a market leader in the sale of Starbucks investments in the U.S. and has sold 63 Starbucks properties in the U.S. in the last 48 months. In California, Hanley Investment Group has sold 48 Starbucks properties over the last six-and-a-half years.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $10.4 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
Country: United States