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| Starbucks, Ripon, CA |
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| Bill Asher |
RIPON, CA and PARADISE, CA – Hanley Investment Group Real
Estate Advisors, a nationally recognized real estate brokerage and advisory
firm specializing in retail property sales, announced the firm has completed
the sale of two new construction, single-tenant, triple-net-leased corporate
Starbucks in separate transactions in Northern California.
In the city of Ripon in the middle of California’s Central Valley, Hanley
Investment Group Executive Vice President Bill Asher and Vice President Jeff
Lefko represented the seller in the sale of a brand-new single-tenant
Starbucks with a drive-thru for $2,748,500, representing a cap rate of 4.55
percent and $1,773 per square foot.
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| Jeff Lefko |
Built in 2018, the new 1,550-square-foot drive-thru property is located on 0.36
acres at 338 E. Main Street, immediately adjacent to the State Route 99 freeway
on/off ramps at Main Street in Ripon.
According to Asher, the property benefits from excellent
access, a freeway-visible 65-foot pylon sign and approximately 116,000 cars per
day at SR-99 freeway’s Main Street exit. SR-99 is the major north/south
arterial through California’s Central Valley.
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| Steve Zakula |
“Over 80 percent of all
Ripon commuters drive alone with an average commute time of approximately 28
minutes, making the new Starbucks drive-thru on Main Street and Highway 99 an
ideal stop for area residents and daily commuters,” noted Asher.
“The property also
benefits from affluent demographics with an average household income of nearly
$98,000 within a three-mile radius and its close proximity to Ripon City Hall,
Ripon Public Library, Ripon High School (900 students), Ripon Christian School
(640 students) and Ripon Elementary School (400 students).”
The seller, who was
represented by Asher and Lefko, was a private developer based in Glendale,
California. The buyer, a private investor based in Northern California, was
represented by
Steve Zakula of Pacific Union International Inc. in San
Francisco.
According to Asher, Hanley Investment Group procured an all-cash 1031 exchange
buyer and closed escrow at 99 percent of the list price.
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| Harry Dematatis |
In Paradise, California, located in the Sierra Nevada foothills above the
northeastern Sacramento Valley, Hanley Investment Group’s Asher and Lefko
arranged the sale of a brand-new single-tenant Starbucks with a drive-thru for
$2,708,000, representing a cap rate of 4.80 percent and $1,091 per square foot.
The property closed at 99 percent of the list price.
The seller, who was
represented by Asher and Lefko, was a private investor based in Los Angeles.
The buyer, a private investor based in Sonoma, California, was represented by Harry Dematatis of
CBRE.
Built in 2018, the new 2,482-square-foot drive-thru property is located on 1.21
acres at 6344 Skyway Road, a major east/west thoroughfare in Paradise, the
second largest city in the fast-growing and established Chico Metropolitan
Statistical Area (MSA).
The city of Paradise has a population of approximately
27,000 residents. The Chico MSA, which has a total population of over 229,000
people, has grown by more than 20 percent over the last 15 years.
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| Starbucks, Paradise, CA |
“The site housed a coffee
use for over 15 years before Starbucks entered the market,” said Asher. “The
property is the only Starbucks in an 11-mile radius and is the first Starbucks
to open in Paradise.”
Both of the Starbucks locations have a café with a drive-thru format, said
Asher. “Approximately 60-70 percent of all business for quick-service
restaurants come through the drive-thru in today’s market and average Starbucks
store sales are approximately 50 percent greater in locations that have a
drive-thru,” Asher noted.
Contact:
Anne Monaghan
