New single-tenant retail building in Fullerton on the market
JLL is marketing the Southern California property that is triple net leased to Starbucks
NEWPORT BEACH, Calif., June 24, 2020 – JLL Capital Markets announced today that it has been named to market for sale a 3,000-square-foot, single-tenant retail building triple net leased to Starbucks in Fullerton, California.
JLL is marketing the property on behalf of the seller, a Southern California-based retail developer who is asking $6.925 million for the property.
Constructed in 2020, the property has a fully entitled drive-through and is occupied by investment-grade tenant Starbucks Corporation (NASDAQ: SBUX), which is the world’s largest coffee house chain and has more than 30,000 locations in 70 countries. Starbucks recently signed a rare, 20-year, absolute, triple-net ground lease with no termination rights, showing its commitment to the property.
Situated on 0.91 acres at 1101 S. Harbor Blvd., the building occupies a prime corner location with high visibility to more than 75,700 vehicles per day. The building is near downtown Fullerton within a major retail corridor with direct access to the 91 Freeway and across South Harbor Boulevard from a Costco-anchored neighborhood shopping center. Additionally, the property is in a dense, infill location surrounded by a population of more than 615,000 residents within a five-mile radius.
The JLL Retail Capital Markets team representing the seller is being led by Director Adam Friedlander.
“This Starbucks property presents a unique investment opportunity to purchase a brand-new construction building with a primary lease term of 20 years,” Friedlander said. “The subject property is 3,000 square feet, which is larger than the standard Starbucks store size of 1,850 to 2,500 square feet, and its 0.91-acre parcel is difficult to come across in Orange County.
“Drive-thru entitlements also are rare in Orange County and take long periods of time to achieve,” Friedlander continued. “There are no early termination rights in the lease that is accompanied by zero landlord obligations. This Starbucks is one of the most attractive single-tenant, net-lease investment offerings currently on the market in Orange County.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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