IE Business Daily Business news for the Inland Empire.
A Starbucks drive-thru in Moreno Valley has been sold for $2.7 million.
The sale, to a private investor from Orange County whose name was not released, includes the property and the building, according to Hanley Investment Group Real Estate Advisors in Corona Del Mar.
Hanley Investment represented the seller, Chase Partners Ltd., a real estate investment and development firm in Glendale.
The Starbucks Drive-Thru, built in 2023, is located at 22350 Cactus Avenue in Moreno Valley. The 1,500-square-foot building sits on 0.69 acres and traded at $1,817 per square foot. It is part of the newly developed Cactus Commerce Center, which features a synergistic co-tenant mix including ARCO am-pm, Wendy’s and Del Taco (coming soon).
The site, positioned at the on-ramp to the 215 (Escondido) Freeway, sees 158,000 cars per day. Cactus Avenue has an average daily traffic count of 38,200 cars per day. The property is directly across from March Air Force Base, the area’s largest employer with over 8,000 full-time personnel. The surrounding trade area is supported by a strong daytime population and a growing residential base, with over 100,000 people within a three-mile radius.
I heard the news about closing down Starbucks, that is just a dumb ideal .
Why fix something that isnt broke..