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9/23/20
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A 3.2k sf, single-tenant Starbucks Drive-Thru in the city of Lake Elsinore sold for $3.765 mil ($1,176/sf), at a closing cap rate of 4.25%. The asset is a pad building within Lake Elsinore Marketplace, a 144k sf shopping center anchored by Costco, Lowe’s, Grocery Outlet, PetSmart and Dollar Tree.
Built in 2005 on 0.49 acres and renovated in 2020, the building is located at 29285 Central Ave in Lake Elsinore. This location for Starbucks at Lake Elsinore Marketplace is well-positioned for long-term future success, being situated within the dominant shopping center, along Hwy 74/Central Ave, the main retail thoroughfare connecting Orange County to Riverside County.
Hanley Investment Group Executive Vice Presidents Kevin Fryman and Bill Asher represented the seller, Pacific Castle, out of Irvine. The buyer, a private investor from West Covina, was repped by Tiffanie Wang of KW Premier Properties in Phillips Ranch, CA.
This sale represents the seventh pad building Hanley Investment Group has sold in the last 11 months at Lake Elsinore Marketplace including single-tenant properties for a Wendy's Drive-Thru, Del Taco Drive-Thru, Panda Express, Valvoline and Wells Fargo as well as a multi-tenant pad building occupied by Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!
“Although drive-thrus have been a staple of QSR revenue for decades, representing 65% to 70% of a store’s sales, they are now more popular than ever in 2020 due to health concerns and the desire to socially distance,” Asher said.
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