Need a Starbucks? That will absolutely be $6.9 million, please!
The land under a just-built, 3,000-square-foot standalone Starbucks coffee shop in Fullerton gets on the market, claims the brokerage JLL Funding Markets. The structure at 1101 South Harbor Blvd. was formerly home to a Denny’s.
The buyer will get ownership of practically an acre of land that’s throughout the road from the Costco-anchored Fullerton Town Center. The building has a larger-than-typical Starbucks on it, with a significant plus: the drive-thru house window. It’s a hard-to-get opportunity won by the task’s developer CalBay Growth of Manhattan Beach.
The coffee-cafe chain spent regarding $3 million structure this shop, which transformed two nearby Starbucks. The chain has actually furthermore devoted to a 20-year lease on the land. As well as also when the lease is up — — — — and there are choices for expansions constructed right into the offer — — — — the building proprietor would furthermore own the frameworks Starbucks built.
“It’s an instead bullet-proof piece of actual estate,” mentions JLL’s Adam Friedlander.
These kinds of single-tenant property or industrial building plays have actually happened a favored means for capitalists to rely on retail realty. Unlike having a shopping mall, a single-tenant capitalist does not require to bother with keeping a retail center totally leased. As an example, a comparable Starbucks deal near Knott’s Berry Ranch in — Buena Park — also done by CalBay — — offered in 2014 for $7.88 million.
In the pandemic duration, the computer game have actually transformed a bit. Sites with tenants providing “important” services — — — — such as convenience food, medication stores, banks or automobile elements — — — — have really come to be a hot slice of this financial investment niche as a result of the high consumer requirement for the stores’ products, Friedlander insurance claims.
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