Desire a Starbucks? That will certainly be $6.9 million, please!
The land under a just-built, 3,000-square-foot standalone Starbucks coffee bar in Fullerton is on the marketplace, claims the brokerage JLL Funding Markets. The building at 1101 South Harbor Blvd. was previously residence to a Denny’s.
The buyer will get ownership of almost an acre of land that’s across the road from the Costco-anchored Fullerton Town Facility. The building has a larger-than-typical Starbucks on it, with a huge plus: the drive-thru home window. It’s a hard-to-get privilege won by the task’s developer CalBay Growth of Manhattan Beach.
The coffee-cafe chain invested about $3 million building this shop, which changed two close-by Starbucks. The chain has additionally dedicated to a 20-year lease on the land. And also when the lease is up — — and there are alternatives for extensions built right into the offer — — the building proprietor would additionally own the structures Starbucks built.
“It’s a rather bullet-proof piece of actual estate,” states JLL’s Adam Friedlander.
These kinds of single-tenant residential or commercial property plays have come to be a preferred way for capitalists to bank on retail realty. Unlike owning a mall, a single-tenant investor does not need to bother with keeping a retail facility totally leased. For instance, a similar Starbucks bargain near Knott’s Berry Farm in Buena Park — likewise done by CalBay — offered in 2014 for $7.88 million.
In the pandemic period, the video games have transformed a little bit. Sites with renters offering “essential” services — — such as fast food, medication shops, banks or vehicle components — — have actually become a hot slice of this investment niche because of the high customer need for the shops’ products, Friedlander claims.
Interest, realty viewers: Enroll in