This Starbucks near Shaw Avenue and Golden State Boulevard in Fresno recently sold for $2.82 million. Photo via Loopnet
Written by Frank Lopez
It might be hard to believe, but there are still corners in Fresno yet to be blessed by a Starbucks.
Shaw Avenue near Golden State Boulevard is no longer one of them with the October 2019 opening of the international coffee chain.
Orange County-based Hanley Investment Group Real Estate Advisors, a national real estate brokerage and advisory firm that specializes in retail property sales, announced the sale of this brand-new, single-tenant drive thru Starbucks at 5211 West Shaw Ave.
The real estate group built the property as a Starbucks, and the private investor will be leasing the property to Starbucks.
The sale price was $2.82 million, with a cap rate of 4.35% and a price per square foot of $1,345. The buyer of the property is a private investor from San Jose who is self-represented.
The property, located at the intersection of West Shaw and North Dale avenues, was built in 2019 on 0.45 acres and covers 2,100 square feet.
“Starbucks has become one of the most prominent and innovative retailers in today’s market,” said Bill Asher, one of the executive vice presidents of Hanley Investment Group. “As a net-lease passive investment, Starbucks provides investors with a secure and stable investment that requires little to no maintenance. Further, the stores are situated in high-traffic locations with strong demographics.”
Last month, the group arranged the sale of a flagship resort Starbucks location in Mammoth Lakes that at 4,435 square feet is the largest Starbucks building in the state.