A brand-new, single-tenant retail property occupied by The Coffee Bean & Tea Leaf on an initial 15-year term in Rialto has sold for $2.9 mil, or $1,667/sf. The property, located at 1877 North Riverside Ave, traded at a 3.8% cap rate.
The new construction, freestanding, 1.7k sf The Coffee Bean & Tea Leaf, which opened on July 23rd, has a drive-thru and is located on a 0.48-acre pad at the hard corner, signalized intersection at Riverside Ave and Easton St/Highland Ave, where traffic counts are in excess of 62,000 cars per day. The property is immediately adjacent to the I-210 Fwy at the Riverside Ave entrance/exit. The I-210 Fwy is one of the major east/west freeways connecting California’s San Gabriel Valley and Inland Empire.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, Fountainhead Development, based in Newport Beach. Ash Joshi of Capital Realty Solutions Inc in San Fernando repped the buyer, a private investor based in Chatsworth.
“The asset featured the outstanding real estate fundamentals passive investors look for in today’s market – hard corner, signalized location, morning drive side to work for coffee drinkers, immediate access to a major freeway, and rare prominent city freeway signage,” notes Asher. “Sharing a signalized intersection with In-N-Out Burger (directly across the street) doesn’t hurt either. Coffee Bean will certainly benefit tremendously long-term from the regional traffic In-N-Out Burger draws and speaks to the overall strength of the quality of the location.”
Other nearby national credit tenants that drive sales traffic to the immediate area include Arco/AMPM, Chipotle, Jack in the Box, Jersey Mike’s Subs, Wingstop, 7-Eleven, Carl’s Jr., Del Taco, Rite Aid, Walgreens and Verizon.
The City of Rialto is the sixth largest city in San Bernardino County and the 11th largest in the Inland Empire with over 369,000 people within a five-mile radius of the property. There are one million people within 10 miles.