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.
Hanley Investment Group’s Bill Asher, Jeremy McChesney and Jeff Lefko were the executive vice presidents involved in most of the transactions.
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.