Flagship Starbucks Property in Mammoth Lakes Sells for Over $1,000/sf

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RENTV.COM

A 4.4k sf, flagship resort location Starbucks with a drive-thru located in Mammoth Lakes, CA sold for $4.725 mil, which works out to a price of $1,065/sf. The buyer was a San Diego-based private investor.

Built in 1984 and recently renovated in 2018, the single-tenant building occupied by Starbucks is situated on a 1.22-acre parcel at 2935 Main St, at the southwest corner of Main St and Sierra Parks Rd. The corporate Starbucks has a new long-term lease with rental increases every five years.

The Starbucks property is immediately adjacent to Mammoth Hospital, police department, welcome center, Grocery Outlet, Shell gas station and Shilo Inn. It is also strategically positioned at one of the free annual town wide shuttle stops and benefits from three points of ingress/egress off Main Street and Sierra Park Road.

Bill Asher, Kevin Fryman and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, a private partnership based in Los Angeles. Blake Tagmyer of Cushman & Wakefield in San Diego repped the buyer.

“This is the only Starbucks drive-thru within a 36-mile radius and one of only two stand-alone drive-thru buildings in Mammoth Lakes,” said Asher. “This Starbucks location in Mammoth is a rare ‘flagship’ store format and the largest Starbucks building in the state of California.”

“The Starbucks building in Mammoth features numerous unique amenities including a private conference room and an indoor/outdoor fireplace,” said Fryman. “A substantial amount of money in tenant improvements was spent on the remodel of this location. It was the first major redevelopment in Mammoth in over 10 years.”

Asher notes that Starbucks sits at the gateway to the Mammoth Lakes resort area, which receives more than 2.5 million visitors annually (70% are visiting from Southern California). Mammoth was ranked #1 on “The Five Best California Ski Resorts” by Snowpak in 2019 and Outside Magazine ranked Mammoth #2 on “The Insider Guide to North America’s Best Ski Towns” in 2018.

Mammoth is the closest major ski resort to Southern California and features 3,500 acres with amenities that include 28 ski lifts, 150 hiking trails, 80+ miles of mountain biking trails, two golf courses and year-round fishing with 17 lakes within 20 minutes.