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8/30/23
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A new construction, 2.3k sf single-tenant Starbucks Drive-Thru in Fresno sold for $3.18 mil ($1,382/sf). The property is located less than five minutes from California State University, Fresno (25,000+ students).
The freestanding Starbucks-occupied building is located at 6082 N. First St, at the signalized intersection of First St and Bullard Ave (50,000 cars per day), within walking distance to California State University, Fresno, Ahwahnee Middle School (709 students) and Hoover High School (2,018 students). Built in 2023 on 0.55 acres, Starbucks signed a new 10-year lease with a 10% increase every five years.
The property benefits from prominent pylon signage along Bullard Ave and monument signage along First St. Starbucks is ideally situated between two of Fresno’s main highways; 41 (135,000 cars per day) and 168 (93,000 cars per day).
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller and developer, Laguna Canyon Group, based in Orange County. The buyer, a private investor based in Fresno, was represented by Patrick Conway with CBRE. According to Asher, single-tenant corporate Starbucks Drive-Thru investments continue to attract consistent demand from net-lease investors due to their typical strong fundamental locations, tenant credit, and drive-thru prototype, which generates more than 70% of their business via the drive-thru.
“We generated multiple qualified offers and procured a local, all-cash, 1031 exchange buyer who lives in close proximity to the property,” noted Asher. “We structured a timely three-week contingency period and scheduled the close of escrow upon Starbucks’ formal rent commencement.”
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