Matthews™ Arranges the $9.33 Million Sale of Silicon Valley Starbucks Portfolio
LOS ANGELES--(BUSINESS WIRE)--Sep 25, 2018--Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, is pleased to announce the sale of a single tenant Starbucks portfolio for $9.33 million in Silicon Valley.
With sites located in Alameda County, the 7 th most populous county in CA, Matthews™ Senior Vice President & Senior Director, Aron Cline and Net Lease Associate, Jon Prater led the transaction of two extremely rare 15-year absolute NNN lease Starbucks properties. According to CoStar, these trophy assets achieved cap rate records for a single tenant Starbucks in the county.
Built in 2018, the 3,049 square-foot Pleasanton location features a drive-thru in an ideal coffee shop area with over 6,000 businesses and 75,000 employees within a 3-mile radius. The newly constructed property is also situated in Hacienda which features over 11 million square feet of existing, mixed-use, transit-orientated space occupied by over 650 companies.
Recently renovated in 2018, the 3,180 square-foot Newark property is located in proximity to trophy retail assets and high traffic corridors like the New Park Mall, a super-regional shopping center with 1.16 million square feet of retail space including over 140 stores.
The seller was a private developer based in Southern California. Due to a successful pre-existing relationship with the seller, the deal team was able to present off-market repositioning opportunities.
“We were able to successfully communicate the long-term intrinsic value of the real estate based on strong real estate fundamentals, which in turn drove a high value for our client,” said Prater. “The Starbucks concept and success is driven by their ability to occupy great real estate locations and in part why Starbucks has become a very attractive triple-net asset to investors. Their strong brand recognition, stable financials, high credit rating, and corporate guaranteed leases offer investors a secure stream of income.”
The buyers were private investors based in California who were motivated by their current position in a 1031 exchange.
“Both properties are in fantastic locations with affluent demographics, high traffic counts, and generational intrinsic value. Our marketing system truly came to play here as we have the largest active database of investors and brokers in the entire country. Our unparalleled exposure and traction proves we have the utmost capabilities to achieve market leading prices and cap rates for our clients.”
With Matthews™ competitive marketing technology and expansive global database, the Net Lease division has earned a reputation for excellence in execution. For more information, please view our available net lease inventory.
About Matthews Real Estate Investment Services™:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, STNL, property management, leasing, portfolio disposition and 1031 exchange programs. The firm serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.
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Matthews Real Estate Investment Services
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Matthews Real Estate Investment Services
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PUB: 09/25/2018 01:30 PM/DISC: 09/25/2018 01:30 PM