Single-Tenant Starbucks in SoCal’s Imperial Valley Sells for Over $1,000/sf
A Los Angeles-based private investor paid $2.858 mil for a new construction, single-tenant Starbucks with a drive-thru located in SoCal’s Imperial Valley. The 2.6k sf property ($1,089/sf) was sold by the building’s developer, Becker Development, out of Encinitas.
Built in 2019 on 0.74 acres, the property is located at 2033 North Imperial Ave and Bradshaw Ave in El Centro, at the hard corner, signalized entrance to a Target and Lowe’s-anchored shopping center. Imperial Ave is a primary retail corridor in El Centro. Other national credit tenants at the intersection include Walmart, Costco, ALDI, Del Taco, Party City, PetSmart, Planet Fitness and Ross Dress for Less.
The property serves the Imperial Valley and Mexicali (Mexico), creating a combined primary customer base of approximately 1.5 million people. The property benefits from being in close proximity to the recently developed Lotus Ranch (609 single-family homes) and the planned Citrus Grove Estates (120 single-family homes).
Bill Asher, Jeff Lefko and Ed Hanley Hanley Investment Group Real Estate Advisors represented the seller in the transaction. The buyer was repped by real estate broker John Kerrigan in Sherman Oaks.
According to Lefko, the Imperial Valley is one of the most productive agricultural regions in the world; the total dollar value of the region’s agriculture production increased 51% over the last decade to $2.06 billion annually, outpacing inflation by over 31%. El Centro is the largest city in Imperial County and is located 10 miles north of two Calexico/Mexicali border crossings, benefitting from nearly 20 million people crossing at these ports annually.