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ORANGE COUNTY NEWS
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OC Starbucks Trades at 3.48% Cap Rate

7/27/17

A newly developed, 1.8k sf single-tenant, triple net-leased retail property in Lake Forest that is occupied by Starbucks Coffee with a drive-thru sold for $2.48 mil ($1,378/sf). The property is located at 20451 Alton Pkwy, within the Baker Ranch Community.

Patrick Toomey, Thomas Chichester, Matt Brooks and Joseph Chichester with Faris Lee Investments represented the seller, Irvine-based Shea Homes. The buyer, a private investor from Vietnam, was represented by Feirstein Law Firm.

The property featured some unique challenges including property tax protection, early tenant lease termination right and expense caps. The property sold at a cap rate of 3.48%, which we’re is the lowest cap rate for a Starbucks-occupied property nationally, per CoStar.

“New construction, single-tenant trophy assets with a best-in-class tenant on a long-term lease are extremely rare in south Orange County,” said Toomey. “We secured a tremendous amount of interest and received multiple competitive offers the first week it was on the market from a wide range of small- to mid-sized domestic and foreign investors, which ultimately allowed us to close this deal above our asking price.”

The property is highly visible and well-situated at a signalized intersection of Alton Pkwyand Rancho Parkway South, and offers immediate access to Hwy 241. Located within the master-planned, 370-acre Baker Ranch Community, the asset offers an irreplaceable location in an amenity rich and affluent demographic trade area.






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