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7/21/25
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A single-tenant, net-leased Dutch Bros Coffee ground lease has sold for $2.765 mil. The 950 sf store sits on 1.09 acres at 4236 North Varsity Ave in San Bernardino. The transaction closed at a 4.52% cap rate, marking one of the lowest cap rates for a Dutch Bros. STNL property nationwide this year.
The Dutch Bros. location was newly constructed in 2024 and is under a corporate-guaranteed ground lease with approximately 15 years of term remaining. The lease includes options to extend, with the tenant responsible for all expenses, providing an ideal management-free investment for passive investors.
The property receives strong crossover traffic from nearby national retailers including McDonald’s, Starbucks, and the Ralphs and LA Fitness-anchored University Town Center. Additionally, California State University, San Bernardino is just two miles away. The surrounding area boasts more than 259,000 residents and approximately 51,600 employees within a five-mile radius.
Patrick Luther and Matthew Mousavi with SRS Real Estate Partners represented the seller, an affiliate of Paragon Commercial Group. The buyer, a private California investor completing a 1031 exchange, was represented by JT Real Estate Group.
“This Dutch Bros. offered a brand-new, corporate-guaranteed ground lease with zero landlord responsibilities in a high-traffic, densely populated trade area directly off Interstate 215 and near a state university,” said Luther.
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