Demand for Retail Occupied by Starbucks Remains Robust
CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Executive Vice President Bill Asher negotiated the sale of Glenwood Square, a 6,808-square-foot multi-tenant strip shopping center anchored by Starbucks in Kern County, Calif., for $3.2 million, representing a cap rate of 5.6% and $470 per square foot.
The property, which is located 31 miles north-northwest of Bakersfield at 1607 & 1617 Glenwood Street in the city of Delano, Calif., includes a 1,712-square-foot Starbucks pad with a drive-thru and a 5,096-square-foot multi-tenant retail building. Built in 2008 on .85 acres, the multi-tenant retail center is 100% occupied by national tenants including Starbucks, Subway, T-Mobile, Tutti Frutti and Select Staffing.
Asher represented the seller, Glenwood Cecil, LLC based in Fresno, Calif. The buyer, a family trust based in Los Angeles, was represented by Sean Daryani of RE/MAX in Valencia, Calif.
Asher comments that according to CoStar, approximately 32 multi-tenant retail properties containing a Starbucks, priced less than $10 million, have sold in California since January 2015. The average sales price was approximately $4.8 million at an average cap rate of 5.5%.