Hanley Investment Group Real Estate Advisors has closed the sale of a 2,100-square-foot Starbucks property in Fresno, Calif. The company’s Executive Vice Presidents Jeff Lefko and Bill Asher worked on behalf of the seller. A private investor from San Jose acquired the asset for $2.8 million or $1,345 per square foot, at a 4.35 percent cap rate.
Completed in 2019, the brand new, drive-thru retail asset sits on a little less than 0.5 acres at 5211 W. Shaw Ave., at the intersection of West Shaw and North Dale avenues. The property provides convenient access to Highway 99. Within a 5-mile radius, there are more than 187,000 residents. At the time of the sale, Starbucks was the only drive-thru east of the highway in a 3-mile radius.
This transaction follows another deal brokered by Hanley Investment in the same state. The company assisted the seller of the largest Starbucks building in California. Other Starbucks retail properties brokered by Lefko and Asher include the newly developed drive-thru in Twentynine Palms and Imperial Valley, Califo., as well as The Coffee Bean & Tea Leaf with a drive-thru in Long Beach, Calif.
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