Hanley Investment Group Real Estate Advisors arranged the sale of a single-tenant Starbucks café with a drive-thru at 1789 W. Jefferson Blvd. in Los Angeles for $3.25 million, representing a 4.57% cap rate. The property is located approximately one mile from the University of Southern California campus.
EVPs Jeff Lefko and Bill Asher represented the seller, a private investor based in Los Angeles. The buyer, a private investor based in southern California, was represented by Ryan Sharpe of Kidder Mathews.
“From the initial marketing commencement date in October to the day of closing in December, we facilitated a successful sale in approximately 60 days,” said Lefko. “We quickly generated multiple offers in a short period of time and secured a local, all-cash 1031 exchange buyer and structured a quick due-diligence period to achieve a year-end closing.”
Built in 2017 on a 0.27-acre parcel, the 1,486-square-foot, freestanding Starbucks-occupied building is located at the hard corner, signalized intersection of Western Avenue and Jefferson Boulevard, which sees 50,000 cars per day.