Real Estate - NOVEMBER 20, 2020

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HNWIs buy single-tenant quick-service restaurant assets

by Andrea Zander

Calbay Development has sold a 3,000-square-foot, single-tenant retail building triple-net leased to Starbucks in Corp. Fullerton, Calif., for $6.2 million. The new owner is a private, high-net-worth buyer based in Los Angeles, and the asset was purchased for $2,067 per square foot.

Constructed in 2020, the property has a fully entitled drive-through and is occupied by investment-grade tenant Starbucks, which recently signed a rare, 20-year, absolute, triple-net ground lease with no termination rights, showing its commitment to the property.

“This Starbucks was one of the most attractive single-tenant, net-lease investment offerings that was on the market in Orange County this year, as drive-thru entitlements in Orange County are rare and take a considerable amount of time to achieve,” said Adam Friedlander, director at JLL retail Capital Markets, which marketed the property on behalf of the property developer, Calbay Development.

Situated on 0.92 acres at

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