SRS Real Estate Partners’ National Net Lease Group (NNLG) recently closed a $5.1-million sale of a 1,008-square-foot single tenant property occupied by Starbucks. Constructed in 2021, the asset is situated on 0.4 acres at 801 E Manchester Blvd in Inglewood and located within walking distance to SoFi Stadium, The Forum and the under construction Intuit Dome.
The closing cap rate was 3.92% with a record high price per square foot of $5,060 for any Starbucks occupied asset nationally according to CoStar records. NNLG VP Brian Wolfman and senior associate Zach Leffers represented the seller – an LA based private investor while David Oberg & Zach Ordin from DLO Realty Group represented the buyer – an LA based family office .
Wolfman commented “We were able to drive pricing on this asset due to its investment grade tenancy with 13 years remaining on absolute corporate guaranteed lease structure as well as its strong underlying real estate”
