The Starbucks location at Bullard Avenue and First Street in Fresno that opened earlier this year has sold for $3.18 million. Photo contributed

A new building that houses one of Starbucks’ freshest Fresno locations is under new ownership following the sale to a private investor who happens to live nearby.

Hanley Investment Group Real Estate Advisors in Corona Del Mar represented the seller, Orange County-based commercial real estate investor Laguna Canyon Group. Hanley Investment’s Vice Presidents Bill Asher and Jeff Lefko arranged the sale.

The buyer is a Fresno-based private investor represented by CBRE Vice President Patrick Conway in Glendale. The sale closed for $3.18 million.

“We generated multiple qualified offers and produced a local, all cash, 1031 exchange buyer who lives in close proximity to the property,” Asher said. “We structured a timely three-week contingency period and scheduled the close of escrow upon Starbucks’ formal rent commencement.”

The 2,250 square-foot, single-tenant building at Bullard Avenue and First Street opened as a Starbucks this year. Equipped with a drive-thru lane, the store is located near the Fresno State campus and several K-12 schools, including Hoover High School.

Starbucks recently signed a 10-year lease on the property with a 10% increase every five years, according to a news release.

“Investors continue to acquire Starbucks-leased investments as a flight to quality and security based on the company’s credit (S&P: BBB+), continued company innovation and site selection that typically targets the best-positioned real estate for maximum accessibility, identity and visibility,” Asher added.

The Starbucks is one of more than half a dozen new locations coming to the Fresno area in 2023. Starbucks recently signed a lease for the Fosters Freeze near 

Last month, progress was made that will see the Fosters Freeze near the intersection of Bullard and Palm avenues become a Starbucks, possibly by the end of this year.

“Single-tenant corporate Starbucks drive-thru investments continue to attract consistent demand from net-lease investors due to their typical strong fundamental locations, tenant credit, and drive-thru prototype, which generate more than 70% of their business via the drive-thru,” Asher said.