A Los Angeles-based private investor paid $3.4 mil for a newly constructed, 2k sf ($1,700/sf) Starbucks Drive-Thru in Visalia. The single-tenant building, featuring a café and double drive-thru, was sold by the property’s developer, Stock Five Development.
Constructed in 2023, the Starbucks building sits on 0.64 acres at 237 West Caldwell Ave, within the Cameron Creek Marketplace. This new regional retail and residential development is home to 30 new residences and neighboring businesses such as Jack in the Box, Arco Gas Station with an ampm convenience store, a national car wash, and future retail.
Strategically located between two signalized intersections—West Caldwell Ave and South Court St (with a combined traffic flow of 32,000 cars per day) and South West Street—Starbucks benefits from its placement along Caldwell Avenue, a major east/west thoroughfare in South Visalia. The area connects directly to the heavily trafficked retail intersection of West Caldwell Avenue and South Mooney Boulevard, along with the State Route 99 on-ramp, seeing a combined traffic flow of 55,000 and 69,000 cars per day, respectively. Additionally, the property enjoys an affluent trade area, boasting an average household income of $101,646 within a one-mile radius.
Notable national retailers in the vicinity include Walmart Supercenter, Costco, Target, Lowe’s, Sprouts, Best Buy, DICK’s Sporting Goods, Smart & Final, Petco, Lowe’s, Hobby Lobby, BevMo!, Raising Cane’s, and McDonald’s, among others.
Sean Cox, Alexander Moore, Bill Asher and Kevin Fryman with Hanley Investment Group Real Estate Advisors represented the seller in the deal. The buyer was repped by David Mouallem with D.M. Realty Inc of Los Angeles.
“We sourced an all-cash 1031 exchange buyer from Los Angeles within just a few weeks of formally marketing the property for sale,” said Cox. “We negotiated a 15-day due diligence period and closed just 20 days after opening escrow.”
Visalia is situated in the heart of California’s San Joaquin Valley, approximately 43 miles southeast of Fresno and 190 miles north of Los Angeles. The San Joaquin Valley is pivotal in California’s agriculture, contributing significantly to the state’s output. It constitutes the southern portion of the vast Central Valley, spanning 20,000 square miles. The Central Valley hosts one of the world’s largest economies and lies within a four-hour drive of 90% of California’s population, with an estimated extended trade area encompassing around 586,000 residents.