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5/15/15
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A single-tenant, net-leased retail property in Anaheim fetched $2.9 mil in a recent sale. The property, situtated on a 0.79-acre site at 1200 Harbor Blvd, at the intersection with Hwy 91, is occupied by Starbucks on a long-term lease.
The property traded at a cap rate of 3.27 percent. This represents a record low cap rate for a single-tenant, drive-thru retail pad in Southern California, according to CBRE Vice President, Arthur R. Flores who represented the seller, a Southern California-based real estate investment company. The buyer was an OC-based real estate investment group.
“The robust competition to acquire a long-term, ground-leased Starbucks indicates the preference for investors to acquire single-tenant, net-leased retail product in Southern California trade areas,” says Flores. “We’ve seen a recent compression in cap rates for well-located, single-tenant retail, especially when the property is on a long-term lease.”
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