A newly constructed Starbucks drive-thru in Riverside has been sold for $2.85 million in a transaction arranged by Hanley Investment Group Real Estate Advisors. The freestanding, single-tenant property features both a drive-thru and a walk-up window.
Executive Vice President Eric Wohl and Associate CJ Kiehler represented the seller, Atman Kadakia of Greens Group, a private developer based in Irvine, California. The buyer, a private investor from Southern California completing a 1031 exchange, was represented by Vice President Sam Olmstead of Voit Real Estate Services.
“We generated multiple qualified offers and procured an all-cash Southern California-based 1031 exchange buyer who closed at 98% of the list price,” said Wohl.
Built in 2024, the 928-square-foot Starbucks sits on a 0.96-acre parcel located at 2050 E. Alessandro Blvd. in Riverside. The property is under a new 10-year triple-net lease with 10% rental increases every five years during the base term, as well as throughout four additional five-year option periods.
