Hanley Investment Group Real Estate Advisors has completed the sale of a newly constructed Starbucks drive-thru in Riverside, California. The single-tenant property, which includes both a drive-thru and walk-up window, sold for $2.85 million.
Executive Vice President Eric Wohl and Associate CJ Kiehler represented the seller, Atman Kadakia of Greens Group, a private developer based in Irvine. The buyer, a private investor from Southern California, 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 is located on a 0.96-acre parcel at 2050 E. Alessandro Boulevard in Riverside. The property operates under a new 10-year triple-net lease, which includes 10% rental increases every five years throughout the initial term and the four additional five-year option periods.
