Five newly built single-tenant net-leased properties occupied by Starbucks drive-thrus in separate transactions recently closed in La Palma, Redondo Beach, El Cajon, Rosamond and Modesto. The combined value of these five sales was $21.1 million, setting a record price-per-square foot and record-low cap rate for a build-to-suit/drive-thru only Starbucks priced more than $7 million in the United States. The transactions included five different buyers and sellers.
According to CoStar, sales cap rates for single-tenant Starbucks drive-thru investments across the U.S. have compressed almost 50 basis points in the last two years. Starbucks fourth quarter 2021 consolidated net revenues were up 31 percent to a record $8.1 billion and U.S. comparable store sales increased 22 percent, driven by a 19 percent increase in comparable transactions and a 3 percent increase in the average ticket. Starbucks closed out its fiscal year with a 21 percent increase in U.S. comparable store sales, driven by a 13 percent increase in average ticket and an 8 percent increase in comparable transactions.
Hanley Investment Group has completed the sale of 30 Starbucks-occupied properties in the last 24 months including 18 in 2021.