MORENO VALLEY, 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 arranged the sale of a newly constructed, single-tenant Starbucks Drive-Thru in Moreno Valley, California. The property sold for $2.73 million.
Hanley Investment Group's Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller, Chase Partners Ltd., a real estate investment and development company based in Glendale, California. The buyer, a private investor from Orange County, California, was represented by David Kluver of Lee & Associates in Newport Beach, California.
"We generated multiple competitive offers due to the property's low sustainable rent, freeway-adjacent location and positioning on the morning 'going-to-work' side of the street," said Asher. "We ultimately procured a Southern California-based, non-1031 exchange buyer who was a repeat Starbucks investor with ownership of similar single-tenant assets in the state."
The Starbucks Drive-Thru, built in 2023, is located at 22350 Cactus Avenue in Moreno Valley. The 1,500-square-foot building sits on 0.69 acres and traded at $1,817 per square foot. It is part of the newly developed Cactus Commerce Center, which features a synergistic co-tenant mix including ARCO ampm, Wendy's and Del Taco (coming soon).
The site benefits from excellent visibility and accessibility, positioned at the on-ramp to the 215 (Escondido) Freeway, which sees 158,000 cars per day. Cactus Avenue has an average daily traffic count of 38,200 cars per day. The property is directly across from March Air Force Base, the area's largest employer with over 8,000 full-time personnel. The surrounding trade area is supported by a strong daytime population and a growing residential base, with over 100,000 people within a three-mile radius.
Moreno Valley is the second-largest city in Riverside County and one of the fastest-growing cities in the region. Moreno Valley is home to major corporate facilities for Fortune 500 and international companies including Ross Dress For Less, Harbor Freight Tools, Skechers USA, Amazon, Lowe's, Procter & Gamble, Deckers Outdoor (UGG Boots), Aldi Foods, Serta Simmons Mattress, Walgreens and O'Reilly Automotive. The city is also the site of the recently approved World Logistics Center, a 40+ million-square-foot industrial business park — the largest of its kind in California’s history — which is expected to create 20,000 new permanent jobs.
Starbucks Corp. (Nasdaq: SBUX), the world's largest coffeehouse chain, operates 41,097 stores in 84 countries and plans to expand to 55,000 globally by 2030. The company reported consolidated net revenue of $9.5 billion in the third quarter, a 4% increase from a year earlier.
According to Asher, "Hanley Investment Group has closed more than $681 million in Starbucks-leased transactions nationwide. This includes 12 single-tenant Starbucks properties totaling $35 million in value over the last nine months alone, with recent California sales in Cathedral City, Santa Barbara and Riverside. The firm also has two Starbucks properties in escrow in Azusa and Perris, one in Barstow under contract, and is currently marketing two single-tenant Starbucks in San Bernardino."
About Chase Partners
Chase Partners, Ltd. is a fully integrated real estate investment and development firm specializing in Southern California retail and industrial real estate. With over 30 years of experience, Chase Partners' expertise includes ground-up development, value-add investments, and infill focused acquisitions. The firm oversees all phases of the investment cycle from development, acquisition, financing, management, to disposition. In doing so, Chase Partners is able to leverage its real estate expertise to drive asset value and increase investor yield. Chase Partner’s investment strategy is primarily focused on identifying key locations in superior submarkets in Southern California that are well positioned to benefit from increasing retail and industrial demand. In its history, Chase Partners has been involved in over $1.5 billion in project capitalization. For more information, visit www.chasepartners.com.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $12 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
