CalBay Development has sold a Starbucks on Beach Blvd in Orange County for $7.88 million, the highest sale price in Starbucks history. A private investor purchased the property in a 1031 transaction with all cash. The property went under contract within 14 days.

The triple net asset is located on Beach Blvd. and the 91 Freeway near Knotts Berry Farm. The intersection receives 67,000 cars per day.

Matthews Real Estate Investment Services senior associate Jon Prater and SVP and senior director Aron Cline represented the seller in the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Orange County
Net Lease
Retail
Capital Markets
West