A local, private 1031 exchange buyer paid $5.3 mil for a brand new single-tenant Starbucks corporate lease in San Bernardino. The seller was an Orange County-based real estate investment and development firm.
Built in 2017 on 1.15 acres, the 3k sf drive-thru property is located at the apex of the signalized intersection of University Pkwy and N. State St, the busiest intersection in the Cal State San Bernardino trade area.
The new 10-year, corporate lease is guaranteed by Starbucks Corporation, a publicly-traded company and an investment grade-rated company with a Standard & Poor’s rating of A-. The lease also includes 10% increases every five years.
The new construction restaurant is the company’s latest café/drive-through prototype. Starbucks is the world’s leading coffee company and coffeehouse chain with approximately 26,000 locations in over 60 countries.
Michael Walseth with SRS’ National Net Lease Group represented the seller in the transaction. According to Walseth, the Starbucks building is situated on a stand-alone parcel that has high visibility and easy access to all traffic in route to Cal State San Bernardino from Interstate 215 and the surrounding area.