LAS VEGAS, Nev. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a brand-new construction, single-tenant property occupied by a Starbucks Café with a drive-thru in Las Vegas, Nevada. The sale achieved a record-low cap rate for a Starbucks build-to-suit in Nevada in the last 18 months.
Starbucks is located on a 1.62-acre pad at 9285 West Russell Road, near the Interstate 215 freeway on/off-ramp and adjacent to 454 new luxury apartment homes in the high-growth Southwest Las Vegas submarket. The 2,365-square-foot freestanding café and drive-thru serves its customers through its mobile app, takeout, dine-in options, and a drive-thru lane.
Hanley Investment Group's Executive Vice Presidents Bill Asher and Jeff Lefko, in association with ParaSell, Inc., represented the seller and developer from Newport Beach, California. The buyer, a private investor from Las Vegas, was represented by Jason Otter of Logic Commercial Real Estate in Las Vegas.
"We generated multiple competitive offers after only seven days of marketing and secured a local all-cash 1031 exchange buyer who closed escrow approximately three months from the start of formal marketing," Asher said. "We implemented a pre-sale marketing strategy, secured the buyer while the property was under construction, and closed escrow shortly after Starbucks opened and began paying rent.
"The sale of the Starbucks was a highly sought-after single-tenant drive-thru investment opportunity during its time on the market, especially because it was the only single-tenant Starbucks drive-thru available for sale in the state of Nevada in the last four months, and is ideally located on the morning 'going to work' side of Russell Road, on the way to the on-ramp to Interstate 215," said Asher.
Asher added, "This highly anticipated new prototype store is projected to become one of the top-performing new Starbucks locations in the greater Las Vegas area."
Starbucks signed a new 10-year corporate lease with 10% increases every five years, including during the option periods, and included no early termination clause.
Starbucks is situated in a dense, infill Las Vegas location with 328,000 people within a five-mile radius. The property is adjacent to two high-end, newly developed luxury residential complexes: The Gramercy Residences (160 units featuring a resort-style pool, state-of-the-art fitness center, and over 300,000 square feet of retail and dining space); and The Ellison (294 units with modern living spaces and high-end amenities such as a rooftop beer garden, resort-style pool and spa, and state-of-the-art fitness center).
Other nearby developments include The Bend, a $70 million, 170,000-square-foot retail and office development; UNLV Harry Reid Technology Park with 122 acres, including 93 acres of dedicated tech space with 1.5 million square feet of office and retail space; UnCommons, a 500,000-square-foot modern office development with an 830+ unit apartment complex; and Durango Casino & Resort, a new world-class, 200-room luxury hotel and casino planned at the corner of Durango Drive and the Interstate-215 beltway. The Starbucks-occupied property is also 15 minutes from the world-famous Las Vegas Strip (42 million annual visitors) and Harry Reid International Airport (57.6 million annual passengers).
The largest coffeehouse chain globally, Starbucks (Nasdaq: SBUX), was rated as one of the "World's Most Admired Companies" by Fortune (2009-2023). The company opened 526 net new stores in Q3 2024, ending the period with 39,477 stores worldwide: 52% company-operated and 48% licensed.
Hanley Investment Group continues to be one of the most active brokers in the sale of Starbucks-leased investment properties in the country, with 52 sales in the last 48 months.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
