Starbucks property in Lake Elsinore is sold
A Starbucks drive-thru in Lake Elsinore has sold for $3.8 million.
Pacific Capital, a financial advisor with offices in Corona and Newport Beach, was the seller, according to a statement.
The buyer was a West Covina-based investor whose name was not released.
Hanley Investment Group represented the seller. The buyer was represented by KW Premier Properties in Phillips Ranch.
The building at 29285 Central Ave., is part of Lake Elsinore Marketplace, a 144,000 square-foot shopping center anchored by Costco, Lowe’s, Grocery Outlet, PetSmart, and Dollar Tree. It was built in 2005 and sits on a half-acre.
In the last 11 months, Hanley Investment has sold seven pads at Lake Elsinore.
The transaction was put together before the COVID-19 pandemic was declared, but Hanley was able to put together a pre-pandemic price, according to the statement.
“Even with the uncertainty caused by the pandemic, demand for single-tenant net-leased investments with drive-thrus has remained steady, if not increased in the last six months,” said Kevin Fryman, an executive vice president with Hanley Investment and a member of the negotiating team, in the statement.