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4/11/17
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A newly constructed 1.9k sf, single-tenant NNN-leased Starbucks drive-through in Norwalk was acquired by a 1031 exchange investor in a recent deal valued at $3.85 mil. The transaction works out to $2,081/sf and had a cap rate of 4.15%.
Starbucks signed a 10-year, NNN corporate-guaranteed lease with four five-year options and 10% increases every five years throughout the primary term as well as option periods. The property was sold by Pasadena-based retail developer HRI Development, who acquired the asset in 2015.
Located at 14322 Pioneer Blvd, at Rosecrans Ave between I-605 and I-5, the property was originally a local diner called the Rosewood Family Restaurant, which had served the community for decades before closing their doors. It benefits from adjacency to a five-point intersection, which is surrounded by several national retailers, the Norwalk Town Square as well as more than 60,000 vehicles a day.
Ara Rostamian with Strategic Development Advisors represented the seller, 14322 Pioneer HF HRI LLC, and also identified the opportunity for HRI when they made the purchase. Ted Weber and Alan Maciel of Pacific Union and Christie's International Real Estate repped the buyer in the deal.
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