Irvine, CA - March 3, 2022 - Faris Lee Investments announces the $2.57 million sale of a drive-thru Starbucks located at 8235 West Bluemound Rd. in Milwaukee, WI. The property was sold to a private, Southern California-based investor in a 1031 exchange.
This was a unique opportunity for a passive investor to acquire a dynamic property with a strong national tenant and a triple net lease. The property, a hard corner site built in 2019, is located in a strong Milwaukee trade area with over 145,000 residents within a 3-mile radius. The site fronts the Pick 'n Save grocery store and is also adjacent to Wisconsin Lutheran High School.
Faris Lee Investment represented the Seller and focused its marketing efforts towards 1031 exchange buyers as well as west-coast-based, Wisconsin property owners. After generating multiple offers, the transaction closed at 100% of the list price, a 4.75% cap, which resulted as one of the lowest cap rates ever for a Starbucks drive-thru in the Midwest (per CoStar).
About Faris Lee Investments
Faris Lee Investments is a retail brokerage advisory firm founded in 1996 and is based in Irvine, California. The firm specializes in commercial real estate investment sales, brokerage, and advisory services. In addition, the firm provides a national marketing platform of properties for sale, asset appraisal, property valuation, debt structuring, negotiation, market research, and analysis services. Faris Lee combines underwriting and research that exceeds industry standards with a marketing strategy to transform investment potential, enhance value and provide their clients the competitive advantage needed when making investment decisions. The firm also serves as institutional advisors in the areas of acquisitions and dispositions, merchant banking, distressed asset disposition, private equity, and corporate sale-leaseback. For more information, visit www.farislee.com