September 23, 2020
Hanley Investment Group Real Estate Advisors arranged the sale of a single-tenant Starbucks Drive-Thru at Lake Elsinore Marketplace, a 144,034-square-foot shopping center anchored by Costco, Lowe’s, Grocery Outlet, PetSmart and Dollar Tree. The $3,765,000 sale price represents a 4.25% cap rate.
Built in 2005 on 0.49 acres and renovated in 2020, the 3,200-square-foot Starbucks pad building is located at 29285 Central Ave. in Lake Elsinore. This sale represents the seventh pad building Hanley has sold in the last 11 months at Lake Elsinore Marketplace.
KW Premier Properties’ Tiffanie Wang represented the unnamed private investor buyer from West Covina. Hanley’s Kevin Fryman and Bill Asher represented the seller, Irvine-based Pacific Castle.
Asher says, “Starbucks had been seeking a drive-thru location for many years in this immediate trade area. Although drive-thrus have been a staple of QSR revenue for decades, representing 65% to 70% of a store’s sales, they are now more popular than ever in 2020 due to health concerns and the desire to socially distance.”
For comments, questions or concerns, please contact Dennis Kaiser