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Follow on Google News | Hanley Investment Group Completes Sale of New Single-Tenant Starbucks at Record-Breaking Cap RateProperty Trades for $2.65 Million, 4.09% cap rate, $1,432 psf in Bakersfield
Hanley Investment Group Executive Vice President Bill Asher and Associate Jeff Lefko and represented the seller, Evergreen Development. Spanning the last 42 years, Evergreen is a national retail and multi-family development company with heavy emphasis on developing projects in California, Colorado, Arizona and now Utah. The buyer, a private investor from Los Angeles, was represented by Joe Bolognese of Major Properties Real Estate in Los Angeles. Built in 2017, the 1,850-square- Lefko adds that there are approximately 223,000 people with an average household income of nearly $62,000 within a five-mile radius of the property. "We utilized our extensive database to procure an all-cash 1031 exchange buyer prior to formally marketing the property," said Asher. "Additionally, we facilitated a successful pre-sale strategy and closed escrow approximately one month prior to Starbucks formally opening for business and paying rent." According to Asher, "Starbucks was originally located at the northeast corner of Panama Lane and Colony Street since September 2004, without a drive-thru. The new location (with a drive-thru) is scheduled to formally open at the end of April and will draw from an established customer base in the trade area for over 12 years." Asher commented, "Average store sales are significantly greater in Starbucks locations that have a drive-thru, which has created a goal for Starbucks to have drive-thrus in half of its stores by 2020. By 2019, Starbucks expects to grow from $16 billion to $30 billion in revenue, with 60 percent of all new locations including a drive-thru." "Single-tenant Starbucks properties continue to be one of the most sought-after triple-net investments from private investors across the country," said Asher. "Corporate Starbucks sites typically offer strong underlying real estate fundamentals combined with a long-term corporate guaranteed lease and rental escalations, providing investors with a secure income stream and rental escalations as a hedge against inflation." About Evergreen Development Founded in 1974, Evergreen specializes in retail and multi-family development. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently and cost effectively. The company has over 50 employees with offices in Arizona, California, Colorado and a newly opened office in Utah. Evergreen has completed more than 500 development projects. For more information, visit www.evgre.com. About Hanley Investment Group Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestmentgroup.com. Contact Jeff Lefko | Hanley Investment Group jlefko@hanleyinvestment.com | 949.585.7682 ***@monaghanpr.com End
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