Faris Lee Investments completed the $2.48-million sale of a newly developed, 1,800-square-foot single-tenant, NNN retail property occupied by Starbucks Coffee with a drive-thru. The property is located at 20451 Alton Parkway, within the Baker Ranch Community of Lake Forest, CA.
The transaction set a cap rate record of 3.48%, which is the lowest cap rate for a Starbucks-occupied property nationally.
Faris Lee’s Thomas Chichester, Matt Brooks and Joseph Chichester represented the seller, Irvine-based Shea Homes. The buyer, a private investor from Vietnam, was represented by Feirstein Law Firm.
Toomey says, “We secured a tremendous amount of interest and received multiple competitive offers the first week it was on the market from a wide range of small- to mid-sized domestic and foreign investors, which ultimately allowed us to close this deal above our asking price.”