Hanley Investment Arranges Sale of California Retail Asset
- Dec 16, 2019
Hanley Investment Group Real Estate Advisors has arranged the $4.7 million sale of a Starbucks-occupied, 4,435-square-foot building in Mammoth Lakes, Calif. The largest Starbucks building in the state traded for $1,065 per square foot.
Hanley Investment Group Executive Vice Presidents Bill Asher and Kevin Fryman, together with Vice President Jeff Lefko, represented the seller, a Los Angeles-based private partnership. Asher and Lefko were also instrumental in the $8.8 million sale of a retail asset in Rialto, Calif. Cushman & Wakefield’s Blake Tagmyer negotiated the deal on behalf of the buyer, a private investor from San Diego.
Completed in 1984, the single-tenant asset was renovated in 2018—Mammoth’s first major redevelopment in more than 10 years, according to Fryman. Amenities include a conference room and an indoor/outdoor fireplace. Starbucks has signed a new long-term lease at the property, with rental increments every five years.
Located at 2935 Main St., the 1.2-acre property is near Mammoth Hospital, welcome center, Grocery Outlet and Shilo Inn, having three points of ingress/egress off Main Street and Sierra Park Road. The coffee place sits at the entrance of the Mammoth Lakes resort area, which welcomes more than 2.5 million tourists annually.
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