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11/27/23
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A newly constructed, 950 sf Dutch Bros Coffee retail property in Escondido was acquired by a private investor for $2.6 mil, or $2,737/sf. The structure sits on a 0.63-acre lot at 2365 E Valley Pkwy, east of I-15.
Noteworthy features of the investment include an absolute 15-year triple net lease, a corporate guarantee, and 10.0% rent increases every five years, accompanied by renewal options. Dutch Bros Inc, a company operating and franchising drive-thru shops with locations across 16 states, boasts 794 company-owned and franchise locations. With a market cap of $5.155 bil, the company is headquartered in Grants Pass, OR.
Jonathan Doty of NAI Capital Commercial’s Investment Services Group represented the buyer in the deal. The transaction closed at a 4.65% cap rate.
“We’re observing a significant demand from our investor clients seeking single-tenant triple net deals,” noted Doty. “Many California investors are expanding their portfolios by acquiring triple net single tenant properties, aiming for higher return investment deals.”
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