SRS Real Estate Partners’ National Net Lease Group (NNLG) recently completed the sale of a 1,008-square-foot single-tenant property occupied by Starbucks for $5.1 million. Constructed in 2021, the asset is situated on 0.4 acres at 801 E Manchester Blvd in Inglewood and is within walking distance to SoFi Stadium, The Forum and Intuit Dome which is currently under construction.
The closing cap rate was 3.92% with a record high price per square foot of $5,060 according to CoStar records for any Starbucks-occupied asset nationally speaking. NNLG VP Brian Wolfman and senior associate Zach Leffers represented the seller who was based out of Los Angeles while David Oberg and Zach Ordin from DLO Realty Group acted as representatives for the buyer who was also located in Los Angeles but operated as a family office instead..
Wolfman commented that “the current cap rate climate has been trending upwards yet we were able to drive pricing on this particular asset due its investment grade tenancy with 13 years remaining on an absolute corporate guaranteed lease structure along with its strong underlying real estate.”
