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August 9, 2022
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RETAIL NEWS
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New Single-Tenant Starbucks Property in Mojave Goes for Over $1,500/sf

7/06/22

A 3k sf, new construction, single-tenant Starbucks Drive-Thru with a café in Mojave sold for $4.56 mil ($1,520/sf). The property is located on 0.86 acres at 15652 Sierra Hwy along Highway 14, just past the Highway 58 interchange in southeastern Kern County. Starbucks opened on April 21, 2022.

Mojave is 50 miles east of Bakersfield and 100 miles north of Los Angeles. The town, which is on the Pacific Crest Trail, is located in the western region of the Mojave Desert, below and east of Oak Creek Pass and the Tehachapi Mountains.

Starbucks is situated a little over a mile from the Mojave Air and Space Port, a world-renowned flight research center spanning 3,300 acres, hosting the latest and most advanced aeronautical designs. Mojave Air and Space Port is home to 69 companies that provide 2,500 jobs to the immediate area. To the south are the principal cities of the Antelope Valley, Lancaster and Palmdale. Major employers in the Antelope Valley are Northrop Grumman (28,000), Edwards Air Force Base (8,929), Naval Weapons Airstation (7,995) and Lockheed Martin (3,700). Mojave is projected to grow quickly in the coming decades, with its population expected to grow to more than 45,000 by the year 2035.

Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, Kaidence Group, a commercial real estate development company based in Phoenix. The all-cash buyer was a 1031-exchange, private investor based in Orange County. According to Asher, the sale represents record pricing for a new Starbucks priced above $4 mil in the Central Valley region of California.





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