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2/06/24
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A single-tenant Starbucks café with a drive-thru in Los Angeles traded for $3.25 mil, in a deal that worked out to a 4.57% cap rate. The property is located approximately one mile from the University of Southern California. Fourteen years remained on the original 20-year lease with three five-year options at 10% rental increases every five years.
Built in 2017 on a 0.27-acre parcel, the 1.5k sf ($2,177/sf), freestanding Starbucks-occupied building is situated at 1789 West Jefferson Blvd, at the hard corner, signalized intersection of Western Ave and Jefferson Blvd (with 50,000 cars per day). The property is approximately two miles from Interstate 10 (356,000 cars per day) and Interstate 110 (277,000 cars per day) on/off ramps. More than 1.3 million people are within a five-mile radius of the property.
Jeff Lefko and Bill Asher with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Los Angeles. The buyer, a private investor based in southern California, was repped by Ryan Sharpe of Kidder Mathews.
“The single-tenant corporate Starbucks café and drive-thru had a rare absolute triple-net lease, representing no landlord responsibilities,” Lefko commented. “Furthermore, the subject property is the only drive-thru Starbucks in a two-mile radius.”
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