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11/23/20
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A 3k sf, single-tenant retail building NNN-leased to Starbucks in Fullerton traded for $6.2 mil, or $2066/sf. We’re told the buyer is a private, high-net-worth buyer based in Los Angeles.
Constructed in 2020, the property has a fully entitled drive-through and is occupied by investment-grade tenant Starbucks Corporation, which is the world’s largest coffee house chain and has more than 30,000 locations in 70 countries. Starbucks recently signed a rare, 20-year, absolute, triple-net ground lease with no termination rights, showing its commitment to the property.
Situated on 0.92 acres at 1101 S. Harbor Blvd, the building occupies a prime corner location with high visibility to more than 75,700 vehicles per day. The building is near downtown Fullerton within a major retail corridor with direct access to the 91 Fwy and across South Harbor Blvd from a Costco-anchored neighborhood shopping center. Additionally, the property is in a dense, infill location surrounded by a population of more than 615,000 residents within a five-mile radius.
Adam Friedlander with JLL Retail Capital Markets represented the property developer, Calbay Development LLC, out of Manhattan Beach.
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