A group of real estate advisors in California recently announced that their company had recently sold a commercial building that is currently being leased to Starbucks. The coffee giant was the only tenant in the new-construction building that was sold in Southern California. The buying and selling of properties featuring commercial leases can certainly be exciting in Los Angeles and elsewhere, as these activities benefit the local economy as a whole.
The Starbucks building that was recently sold is located in Hesperia, a city in San Bernardino County. The building was sold for $3.19 million, which represents a 4.36 percent cap rate and a per-square-foot price of $1,595. The cap rate achieved is a record low for a Starbucks single-tenant building in California's High Desert area. The per-square-foot price is also a record high in Hesperia for a real estate sale involving a single tenant.
The drive-thru property spans 2,000 square feet and sits on a total of .81 acres. Built in 2017, the property is a winner due to the fact that it is highly accessible. A pylon sign that will be visible from Interstate 15 will soon be built, and about 108,000 automobiles that move along the interstate each day can easily stop at the coffee shop. A private investor was the purchaser of the Starbucks building.
Southern California remains a promising location for selling and buying properties featuring commercial leases. However, a deal may end up failing if it is not approached in the proper way. A qualified attorney in Los Angeles can provide the guidance needed to successfully navigate a commercial real estate deal so that a buyer or seller can achieve his or her financial goals in the Golden State.
Source: inlandempire.us, "Sale of Brand New Single-Tenant Starbucks in Hesperia", Feb. 27, 2018