DIAMOND BAR, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, in conjunction with Oaks Commercial Real Estate, announced today that the two firms arranged the sale of a 4,767-square-foot multi-tenant retail pad property anchored by a Starbucks Drive-Thru in Diamond Bar, Calif. The sale price was $4.57 million.
Hanley Investment Group's Executive Vice Presidents Bill Asher and Jeff Lefko, in association with Fred Encinas of Oaks Commercial Real Estate in Eastvale, Calif., represented the seller, a private partnership based in Las Vegas, Nevada. The buyer, a private, non-exchange investor from Los Angeles, was represented by Arman Mahmoodi of BeachRock Group, Inc. at Keller Williams in Beverly Hills, Calif.
"We generated over 10 qualified and competitive offers within the first month of marketing and secured a Southern California-based private buyer who owned similar Starbucks investments at 98% of the listed price," Asher said.
Encinas added, "This acquisition represented a rare San Gabriel Valley Starbucks Drive-Thru endcap, multi-tenant pad investment opportunity, featuring a mix of attractive quick-service food users in an irreplaceable freeway-adjacent location. It's a highly desirable outparcel to a regional Los Angeles County Target-anchored center, which attracts more than 1.5 million annual visitors, according to Placer.ai, and benefits from a high-traffic, signalized intersection at Grand Avenue and Golden Springs Drive, which sees 55,000 cars per day."
Built in 2016 on a 0.70-acre lot, the Starbucks-anchored building is located at 22438 Golden Springs Drive in Diamond Bar. The fully-occupied building consists of a total of three tenants, a 100%-internet-resistant, national tenant mix that includes Starbucks (NASDAQ: SBUX; S&P: BBB+; 39,000-plus locations globally), Jimmy John's (2,700-plus locations in the U.S., Canada and Puerto Rico), and Crumbl Cookies (1,000-plus locations in the U.S., Canada and Puerto Rico).
The property offers exceptional visibility and direct access to the SR-57 (Orange Freeway) and SR-60 (Pomona Freeway), which collectively see 347,000 cars per day. Its strategic junction location provides immediate access for commuters and connects the area to the I-10 and SR-71 freeways, ensuring convenient proximity to Los Angeles, Orange, Riverside, and San Bernardino counties.
This dense, infill Diamond Bar location within the San Gabriel Valley submarket boasts a population of more than 230,000 within a five-mile radius and an average household income of more than $126,000 within a three-mile radius. The San Gabriel Valley itself has a population of 1.7 million. The site is directly across the street from Calvary Chapel Golden Springs, one of the largest Protestant Christian churches in Los Angeles County and a top 10 in California, with weekly attendance exceeding 12,000.
The property is minutes from the industrial hub of The City of Industry, which has 3,000 businesses, 155 million square feet of industrial buildings and 68,000 employees. It is also one mile east of Gateway Corporate Center, which draws employees from Los Angeles, Orange, San Bernardino, and Riverside counties.
Diamond Bar, located at the eastern edge of Los Angeles County, is primarily a residential community of approximately 51,000 residents. It features more than 75 acres of developed park facilities, hiking trails, a community center, a County-owned and -operated 18-hole public golf course, and 370-plus acres of undeveloped publicly owned open space. Overall, the area benefits from more than 1 million residents within a 10-mile radius and an average household income of $139,567 in the city.
"High-quality, well-positioned, new construction multi-tenant retail properties leased to national tenants continue to experience the most investor demand," Asher said. "We expect both patient capital and motivated 1031 exchange buyers to increasingly emerge from the sidelines, contributing to a significant increase in both single-tenant and multi-tenant retail pad transactions throughout the remainder of the year."
Hanley Investment Group has sold a total of $675 million in Starbucks-related properties across the U.S., including 24 Starbucks property sales over the last 18 months.
About Oaks Commercial Real Estate
With over 45 years in the retail real estate industry, both at the corporate and brokerage levels, Fred Encinas has represented some of the industry's top companies. His career began as a facility engineering assistant for Market Basket, a division of the Kroger Company. His hard work led him to management positions at Chief Auto Parts, Round Table Pizza, McDonald's, In-N-Out Burger, and EZ Lube. He also served as a senior vice president at NAI Capital, Inc. Currently, Fred is the broker/owner of Oaks Commercial Real Estate. He has represented many retail food clients in Southern California and continues to expand his client base throughout the Los Angeles, Orange County, and Inland Empire markets. See www.oakscre.com.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $12 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/