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7/19/16
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A Starbucks-anchored, multi-tenant pad building located at the Stater Bros Plaza in Chino sold for $3.15 mil. We’re told the sale of the 3.9k sf building represents an all-time record low cap rate of 4.37% and record high price per square foot of $808 for a multi-tenant retail building in San Bernardino County since 2006, according to CoStar.
Built in 2015, the building featured a Starbucks with drive-thru along with one vacant unit at the time of the sale. The property is situated on .46 acres at 7055 Schaefer Ave, south of I-60 at the intersection with Euclid Ave in Chino. Stater Bros Plaza is located at 6939, 6989 and 7011 Schaefer Ave.
Ed Hanley and Bill Asher with Hanley Investment Group Real Estate Advisors represented the seller, Euclid Pad II LLC, based in Newport Beach. Michelle Chen of RE/MAX Premier Properties in Arcadia repped the buyer, a private investor based in Southern California.
According to Asher, the investment was 56% occupied with Starbucks being the only tenant occupying space at the close of escrow. "Retail investments of this price range, size and type attract a substantially large buyer pool, especially when leased to corporate tenants such as Starbucks," said Asher. "Starbucks’ notoriety has become so strong in today’s market that it was a significant factor in driving investor demand to the property. The offering was highly sought-after by hundreds of retail investors.”
Hanley Investment Group is now offering for sale the 73.6k sf Stater Bros. anchored shopping center in four separate offerings: the 44.3k sf, single-tenant Stater Bros. building; the 8.8k sf Sprint, Subway and Teriyaki Madness pad; the 7.5k sf, two-tenant shop building; and the 13.1k sf shop building leased to multiple tenants including UPS and Fantastic Sams.
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