Hanley Investment Group Real Estate Advisors arranged the sale of a single-tenant Starbucks café with a drive-thru at 1789 W. Jefferson Blvd. in Los Angeles for $3.25 million, representing a 4.57% cap rate. The property is located approximately one mile from the University of Southern California campus.
EVPs Jeff Lefko and Bill Asher represented the seller, a private investor based in Los Angeles. The buyer, a private investor based in southern California, was represented by Ryan Sharpe of Kidder Mathews.
“From the initial marketing commencement date in October to the day of closing in December, we facilitated a successful sale in approximately 60 days,” said Lefko. “We quickly generated multiple offers in a short period of time and secured a local, all-cash 1031 exchange buyer and structured a quick due-diligence period to achieve a year-end closing.”
Built in 2017 on a 0.27-acre parcel, the 1,486-square-foot, freestanding Starbucks-occupied building is located at the hard corner, signalized intersection of Western Avenue and Jefferson Boulevard, which sees 50,000 cars per day.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).