California + Bay Area + Retail | August 29, 2023

New-Construction Starbucks Drive-Thru Sells to 1031 Buyer

Hanley Investment Group Real Estate Advisors arranged the sale of a new construction, single-tenant Starbucks Drive-Thru in Fresno for $3.18 million. The property is located less than five minutes from California State University, Fresno

EVPs Bill Asher and Jeff Lefko represented the seller and developer, Laguna Canyon Group, based in Orange County. The buyer, a private investor based in Fresno, was represented by Patrick Conway with CBRE in Glendale, California.

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

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.

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Inside The Story

Hanley's Asher and Lefko

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

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