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3/22/23
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A Los Angeles-based private investor paid $2.3 mil for the absolute NNN ground lease of a brand-new construction, single-tenant property occupied by Dutch Bros Coffee Drive-Thru in the Inland Empire. The property is part of Highland Village Shopping Center, a new Sprouts-anchored shopping center in Fontana.
Dutch Bros. -- representative image |
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Built in 2022 on a 0.45-acre parcel, the 871 sf Dutch Bros Coffee Drive-Thru is located at 17010 South Highland Ave in Fontana. The property is situated on an outparcel to a 30k sf Sprouts Farmers Market at the hard-corner, signalization intersection of Highland Ave and Sierra Ave. Co-tenants include Raising Cane’s, Jack in the Box, Quick Quack Car Wash, Mountain View Tire, Jersey Mike’s Subs, Pacific Dental, Crumbl Cookies, Fatburger, Café Rio and Oggi’s.
Highland Village Shopping Center is immediately adjacent to the 210 Freeway (153,000 cars per day) at the Sierra Avenue entrance/exit and enjoys highly visible pylon signage. The 210 Freeway is one of the major east/west freeways connecting California’s San Gabriel Valley to San Bernardino.
Hanley Investment Group's Kevin Fryman, Bill Asher and Jeff Lefko represented the seller, Adler Realty Investments of Woodland Hills, who developed the shopping center in phases starting in 2018-2019. The buyer was repped by Hanley Investment Group’s Jeremy McChesney.
“Retail developers continue to capitalize on executing a break-up sale strategy due to the gain in overall value compared to selling the center as a whole,” said Fryman. “We were able to achieve approximately 100 basis points better in cap rate by selling nine separate parcels individually versus selling the center all together.”
Fryman, Asher and Lefko previously arranged the sale of two multi-tenant retail pad buildings totaling 13.5k sf and a 7.5k sf multi-tenant retail shop building adjacent to Sprouts. Sales at Highland Village Shopping Center also included a Quick Quack Car Wash ground lease, plus the sales of Sprouts, Mountain View Tire & Auto Service, Raising Cane's and Jack in the Box, each as separate, single-tenant transactions at Highland Village Shopping Center. Hanley Investment Group’s sale of Quick Quack Car Wash at the shopping center was the first single-tenant Quick Quack to sell as a net-leased investment in California.
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