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3/10/20
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A 9k sf, multi-tenant retail pad building anchored by a Starbucks Drive-Thru and Jersey Mike’s Subs adjacent to Ventura College in Ventura sold for $7.4 mil, or $822/sf. The buyer was a private investor from Tarzana.
Situated on 1.37 acres at 5101 Telegraph Rd, in the heart of Ventura County, the 100%-leased five-tenant retail building known as Campus Corner was renovated in 2017. Tenants include Starbucks Drive-Thru, Jersey Mike’s Subs, Eddie’s Grill, Ventura’s Children’s Dental Group and Jessica’s Nails.
Campus Corner shares the signalized intersection of Day Rd and Telegraph Rd with the 112-acre Ventura College that has over 14,500 students and faculty. Over 73,000 people with an average household income in excess of $102,000 are located within a three-mile radius.
Ed Hanley, Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, an affiliate of MJL Capital Partners LLC, based in Beverly Hills. The buyer was repped by Mitch Hollander of Hollander & Company Real Estate. According to Hanley, the property generated multiple, qualified offers and closed escrow at 98% of the listed sale price.
“The offering attracted substantial investor interest due to its excellent location adjacent to Ventura College and long-term, triple-net leases with 100% internet-resistant tenants, which included a high-traffic, end-cap Starbucks drive-thru format,” said Asher. “Average Starbucks store sales are approximately 50% greater in locations that have a drive-thru, which is why Starbucks Drive-Thru properties continue to remain in high demand; Campus Corner was no exception.”
Asher noted that MJL addressed the challenges of repurposing a former 14k sf Fresh & Easy grocery store by converting the existing building exterior to screen walls for the drive-through and creating new exterior walls within that footprint, resulting in a 9k sf multi-tenant building with a custom 15-car stack tunnel drive-thru facility.
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