A single-tenant Starbucks caf\u00e9 and drive-thru in Pomona recently sold for nearly $5 million.<\/p>\n
A private investor purchased the property from LA Icon. Hanley Investment Group\u2019s Executive Vice President Bill Asher and Executive Vice President and Partner Jeff Lefko represented the seller in the transaction. Freeman & Associates\u2019 Brad Freeman represented the buyer, which was completing a 1031 exchange.<\/p>\n
\u201cWe procured a repeat Southern California-based 1031 exchange buyer through a broker relationship, both of whom we have successfully transacted with on multiple occasions,\u201d Asher said in a statement. \u201cWe secured the buyer within days of closing their downleg, allowing them to confidently identify an upleg and close escrow early into their 1031 exchange period.\u201d<\/p>\n
The Starbucks, at 2302 N. Garey Ave. in Pomona, is a 1,650\u2011square\u2011foot building. It was initially built in 1977 and renovated in 2024. It secured a drive-thru entitlement before the city enacted a drive-thru prohibition, restricting drive-thrus.<\/p>\n
\u201cThis entitlement alone creates significant long-term value and barriers to entry,\u201d Asher said in a statement.<\/p>\n
Starbucks has a 15-year triple-net lease at the property. It also has 10% rental increases every five years during the primary term of its lease and three five-year options.<\/p>\n
\u201cThis is a rare 15-year primary lease term with no early termination right, signaling strong long-term commitment to the site,\u201d Asher said in a statement. \u201cThe buyer also benefitted from a lease structure that Starbucks was responsible for maintaining the property including the roof, a unique characteristic for a fee-simple Starbucks investment in California in today\u2019s market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"A single-tenant Starbucks caf\u00e9 and drive-thru in Pomona recently sold for nearly $5 million. A private investor purchased…\n","protected":false},"author":2,"featured_media":265241,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[116094,48,52,116095,51,47,50,49],"class_list":["post-265240","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-hanley-investment-group","tag-la","tag-la-headlines","tag-la-icon","tag-la-news","tag-los-angeles","tag-los-angeles-headlines","tag-los-angeles-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/265240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=265240"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/265240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/265241"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=265240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=265240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=265240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}