Hanley Investment Group Real Estate Advisors closed the sale of a newly constructed, single-tenant corporate Starbucks located at 402 N. Milpas St. in Santa Barbara. The property sold for $3.7 million.
VP Sean Cox and EVP Bill Asher represented the seller, a Los Angeles-based developer. The buyer, a San Francisco-based 1031 exchange investor, represented themselves.
“We generated multiple offers and secured a buyer who owned other investment properties in the Santa Barbara trade area,” said Cox. “We achieved record pricing for a non-drive-thru Starbucks format in a high-barrier-to-entry location. Starbucks had been seeking a new store in this corridor of Santa Barbara for approximately five years prior to securing this site.”…