|
|
|
|
1/23/25
|
Three brand-new construction, single-tenant properties in California, each occupied by a 950 sf Dutch Bros Coffee drive-thru format, were purchased by three different private buyers in deals totaling $8.08 mil. The properties each have a new 15-year NNN initial lease term.
In one of the deals, a San Gabriel Valley-based private investor paid $3.32 mil for a new Dutch Bros ground lease at 14521 Ramona Blvd in Baldwin Park. The new 15-year absolute triple-net ground lease has 10% increases every five years during the initial term with three five-year options.
The structure was built in 2024 on a 0.85-acre outparcel to Park Plaza on Maine, a Superior Grocers-anchored shopping center at the signalized corner pad at the intersection of Ramona Blvd and Bogart Ave. Additional tenants at the center include Bank of America, Chase Bank, CVS Pharmacy, and O’Reilly Auto Parts.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller and developer, Evergreen Development. Spanning the last 50 years, Evergreen is a national retail and multi-family development company with a heavy emphasis on developing projects in California, Colorado, Arizona, and Utah. The buyer was repped by Brian Melkesian with Lee & Associates.
In another SoCal buy, a Los Angeles-based private investor bought a new Dutch Bros ground lease at 23140 Hemlock Ave in Moreno Valley for $2.61 mil. The store was built in 2024 on a 0.69-acre parcel located directly across from a top-performing Home Depot (top 20% nationwide per Placer.ai) and at the off-ramp to the 60 Freeway (147,000 cars per day) and two miles east of the on-ramp to the 215 (Escondido) Freeway (254,000 cars per day). Additional tenants in the immediate area include Walmart, Stater Bros, Target, and Costco.
Asher and Lefko represented Evergreen Development, the seller and developer in this deal also. The all-cash, 1031 exchange buyer was repped by Ashley Berglund of Granite Capital Group in Santa Barbara. According to Asher, the new 15-year absolute triple-net ground lease has 10% increases every five years during the initial term with three five-year options.
In the third transaction, a private investor based in Northern Los Angeles County paid $2.15 mil for a new Dutch Bros ground lease at 526 Nestles Rd in Soledad, about 40 miles southeast of Monterey.
The structure was built in 2024 on a 0.85-acre parcel within Soledad Marketplace, a new 120k sf, grocery-anchored shopping center. Current tenants include Grocery Outlet and Premiere Cinemas. Planned tenants include Tractor Supply, DaVita Dialysis, and Quick Quack Car Wash.
The property is adjacent to the U.S. Route 101 ramps on Front St. U.S. Route 101 is the major highway through both the Salinas Valley and the Central Coast, and links Soledad to the rest of the Central Coast region, San Francisco to the north, and Los Angeles to the south. Soledad is a notable tourist destination, owing to the heavily restored Soledad Mission, its proximity to Pinnacles National Park, and its numerous vineyards, as part of the Monterey wine region.
Hanley’s Asher and Lefko represented the seller and developer, a local private investment firm. The all-cash, 1031 exchange buyer was repped by Maxi Case with Century 21 Doug Anderson in Lancaster. The 15-year absolute triple-net ground lease has 10% increases every five years during the initial term with four five-year options.
As of January 2025, Dutch Bros has 998 locations across 18 states in the United States. The states with Dutch Bros locations include Oregon, California, Texas, Arizona, Washington, Colorado, Idaho, Nevada, Utah, Oklahoma, New Mexico, and Tennessee.
|
|
 Return to the previous page
|
|
|
|
|
|
Printer-friendly Version
Email an Associate
