Starbucks anchored shop building sells for $4.7M

Progressive Real Estate Partners recently announced the sale of a brand new Starbucks Drive-thru anchored shop building at 2067 E. Highland Avenue for $4,650,000.

The 5,058 square-foot building is fully leased and is part of a Cardenas and Planet Fitness anchored neighborhood center.

Progressive Real Estate Partners’ VP of Investment Sales Greg Bedell represented the seller. The buyer, a San Bernardino County-based private investor whose name was not released, was represented by NewStar Realty and Hope Kim, an independent broker.

According to Bedell, “The brand new construction and Starbucks Drive-thru anchor made this asset particularly attractive.  We generated multiple quality offers and ultimately the property traded within 97% of the asking price at a record cap rate.  This sale further demonstrates investor demand for quality retail assets located at highly trafficked “daily needs” centers within the Inland Empire.”

The 3-tenant shop was built in 2020, and the building features modern architecture. In addition to Cardenas and Planet Fitness, the popular neighborhood center also features a 99 Cent Only, CVS, Walgreens, Big 5, Dollar Tree, dd’s Discounts, Harbor Freight and Chase Bank.