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February 22, 2019
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Redondo Beach Coffee Bean & Tea Leaf Sells for $2,700/sf


A Redondo Beach retail property leased by a drive-through Coffee Bean & Tea Leaf sold for $4.2 mil. Were told the deal came in at a price of over $2,700/sf and a sub-4% cap rate.

The newly constructed property, located at 2525 Artesia Blvd, is well-positioned and easily accessible, located at an intersection with more than 35,500 cars passing through daily. This is the only drive-through coffee location within a mile radius. Coffee Bean just signed a 15-year lease in 2017.

CBREs Alex Kozakov and Patrick Wade represented the seller, El Indio Property LLC. The buyer, MattKarr Properties LLC, a local investor, was represented by Sanjo Investments. According to CBRE, the property sold for $50k over the listing price.

CBREs Kozakov and Wade point out that this is a safe income-producing asset as it sits in a great location within a high-traffic area and a market with tremendously high barriers to entry. Food retail, particularly in high-density areas such as this location, is among the most in-demand segments due to its relative Internet-resistance.

The outlook for the Greater Los Angeles retail market remains steady over the next 12 months, according to CBREs latest quarterly report. Momentum gained over the last few years is likely to level out and slow. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters.

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