New Imperial Valley Starbucks drive-thru sells for $2.9 million
EL CENTRO, Calif. — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of a new construction, single-tenant Starbucks with a drive-thru located in Southern California’s Imperial Valley.
This is the second single-tenant Starbucks that Hanley Investment Group has sold in El Centro in the last year and the sale price of $2,858,000 represented a price per square foot of $1,089.
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Hanley Investment Group Executive Vice Presidents Bill Asher and Jeff Lefko, along with President Ed Hanley represented the seller and developer, Becker Development of Encinitas, California.
The buyer, a private investor from Los Angeles, was represented by real estate broker John Kerrigan in Sherman Oaks, California.
Hanley Investment Group Real Estate Advisors announced today that the firm has completed the sale of a new construction, single-tenant Starbucks in Southern California’s Imperial Valley. The sale price of $2,858,000 represented a price per square foot of $1,089.
Built in 2019 on 0.74-acres, the 2,625-square-foot drive-thru property is located at the hard corner, signalized entrance to a Target and Lowe’s-anchored shopping center at 2033 North Imperial Avenue – a primary retail corridor in El Centro – and Bradshaw Avenue.
Other national credit tenants at the intersection include Walmart, Costco, ALDI, Del Taco, Party City, PetSmart, Planet Fitness and Ross Dress for Less.
The property serves the Imperial Valley and Mexicali (Mexico), creating a combined primary customer base of approximately 1.5 million people. The property benefits from the recently developed Lotus Ranch (609 single-family homes) and the planned Citrus Grove Estates (120 single-family homes), which are in close proximity.
“We generated multiple qualified and competitive offers for a Starbucks in a secondary market with a new long-term lease,” said Asher. “We procured an all-cash, 1031 exchange buyer based in Southern California who owned other single-tenant Starbucks assets and we closed escrow at 99% of the list price.”
Asher and Lefko are one of the most active brokerage teams in the sale of single-tenant and multi-tenant coffee investments in California, arranging the sale of 25 properties valued at over $86 million in the last two years, many at record cap rates.
In late August 2019, Asher, Lefko and Hanley arranged the sale of a new construction, 3,000-square-foot Starbucks with a drive-thru at 2365 South 4th Street, and Wake Avenue in El Centro.
The sale price was $3,025,000, representing $1,008 per square foot for a Starbucks with a strategic longer stacking lane to accommodate higher drive-thru volumes.
SEE OTHER RECENT INLAND EMPIRE HIG SALES:
Two adjacent Temecula retail centers sell for $26+ million
New Twentynine Palms Starbucks Drive-Thru sells for $3.1 million
New construction, single-tenant Fontana Sprouts sells for $10.4 million
Yucaipa In-N-Out Burger and Corky’s Kitchen & Bakery sells for $8 million
Sale of new grocery-anchored shopping center in Eastvale totals $33 million
According to Lefko, the Imperial Valley is one of the most productive agricultural regions in the world; the total dollar value of the region’s agriculture production increased 51% over the last decade to $2.06 billion annually, outpacing inflation by over 31%.
El Centro is the largest city in Imperial County and is located 10 miles north of two Calexico/Mexicali border crossings, benefiting from nearly 20 million people crossing at these ports annually.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ 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.hanleyinvestment.com.
Submitted by Monaghan Communications Inc.
This article sponsored by:
For more information, contact Bill Tyler at Century 21 Full Realty Service.
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Trevor Montgomery, 48, moved in 2017 to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers, Valley News, (the now defunct) Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego County and Mountain Echo in Shasta County.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back, and suffering both spinal cord and brain injuries in an off-duty accident. (Click here to see segment of Discovery Channel documentary of Trevor’s accident.)
During his time with the sheriff’s department, Trevor worked at several different stations; including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center, and Lake Elsinore Station; along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team, and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 29 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 16 grandchildren.