A brand-new, 1.8k sf single-tenant Starbucks with a drive-thru in Twentynine Palms sold for $3.1 mil, which works out to $1,722/sf. Built in 2020, the property is located on 0.54 acres at 73690 Twentynine Palms Hwy.
The property sits in the heart of downtown Twentynine Palms at the signalized intersection of Hwy 62 and Adobe Rd with 24,000 cars per day. Highway 62/Twentynine Palms Highway is the primary thoroughfare in the region and runs through the Mojave Desert from the Coachella Valley to the Arizona border.
Located near the seat of government with City Hall and administrative buildings, the Starbucks property is only 6.5 miles from the Marine Corps Base, which has a $1.1 billion annual economic impact on the region. Approximately 13,500 service members and civilians live at the base along with 7,430 of their family members. More than 50,000 active-duty and Reserve Marines and sailors, and other U.S. and allied forces train at the combat center each year.
Hanley Investment Group Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller and developer, Fountainhead Development of Newport Beach. The buyer was repped by Taesoo Eo and Shirley Kim of RE/MAX Commercial in Los Angeles.
“This is the only Starbucks drive-thru within a 20-mile radius and benefits from its close proximity to the U.S. Marine Corps Base, home to the Air Ground Combat Center, the world’s largest Marine Corps training base,” said Asher. “The city also serves as the gateway to the Mojave Desert, Joshua Tree National Park (with nearly 3 million visitors annually), the Mojave National Preserve, and the great California Outback.”
Located in San Bernardino County, the city of Twentynine Palms is located less than a one-hour drive to Palm Springs, 1.5 hours to Big Bear, 2.5 hours to Lake Havasu, and three hours to Las Vegas. The Tortoise Rock Casino, a 30,000-square-foot casino with 490 slot machines, as well as several table games and poker tables, is located one mile from the Starbucks property.
Lefko noted, “As a net-lease passive investment, Starbucks provides investors with a secure and stable investment that requires little to no maintenance. Further, the stores are situated in high-traffic locations with strong demographics.”