Lee & Associates – North San Diego County Completes the $2,225,000 Sale of a Drive-Thru Starbuck Building in Bakersfield

Bakersfield, Calif.—January 26, 2017— Lee & Associates, one of the largest national commercial real estate firms, has completed the $2,225,000 sale of a drive-thru Starbucks building located at 2500 White Lane in Bakersfield, California. The asset sold at a 4.4% capitalization rate or $1,236 per square foot.

Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller in the transaction.  The buyer, A&Y Century Property, LLC, based out of the Los Angeles area, purchased the property as part of a 1031 tax deferred exchange.

The newly constructed 1,800 square foot building was a build to suit for Starbucks who entered into a new 10-year modified triple-net (NNN) lease with 10% rent increases every five years. The property is strategically located at the busy signalized hard corner of White Lane and Hughes Lane just off the Highway 99 exit.

“Despite the rising interest rate environment we are seeing today, there is still a strong demand from Southern California based investors for net-leased properties with credit tenants, especially Starbucks,” noted Barr. “The long term lease on this property offers the buyer nearly 10 years of passive income with minimal landlord responsibilities.”

Barr & Bennett Net Leased Investment Group, of Lee & Associates-North San Diego County, specialize in the acquisition and disposition of net leased assets nationwide.

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About Lee & Associates

Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and  Canada including Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC, Washington and Wisconsin. With almost 900 brokers, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional, national and international level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.