|
|
9/30/25
|
A 2.1k sf, newly constructed, single-tenant corporate Starbucks in Santa Barbara sold for $3.7 mil, or $1,762/sf. The property, located at 402 North Milpas St, was acquired by a San Francisco-based 1031 exchange investor.
The Starbucks store, which opened in April 2025, features the company’s new café-only prototype design, part of Starbucks’ strategic initiative to restore café culture and revive the guest experience. The building sits on a 0.26-acre parcel at a high-traffic, signalized intersection with 36,000 cars per day and a Walk Score of 94. The property is backed by a long-term corporate lease with Starbucks, providing reliable income and investment stability.
Sean Cox and Bill Asher with Hanley Investment Group Real Estate Advisors represented the seller, a Los Angeles-based developer. The buyer represented themselves in the transaction. According to Cox, the they secured a buyer who owned other investment properties in the Santa Barbara trade area.
Santa Barbara’s highly coveted coastal market and dense, affluent demographics (more than 106,000 residents with average household incomes of $169,931 within five miles) further enhance the property’s long-term appreciation potential.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
