VENTURA, Calif. – RealEstateRama – 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 has arranged the sale of an 8,957-square-foot multi-tenant retail pad building anchored by a Starbucks Drive-Thru and Jersey Mike’s Subs adjacent to Ventura College in Ventura, California. The sales price was $7.4 million.
Hanley Investment Group President Ed Hanley and Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller, an affiliate of MJL Capital Partners, LLC based in Beverly Hills, California. The buyer, a private investor from Tarzana, California, was represented by Mitch Hollander of Hollander & Company Real Estate.
Located at 5101 Telegraph Road in the heart of Ventura County, the 100%-leased five-tenant retail building known as Campus Corner was renovated in 2017 and sits on 1.37 acres. Tenants include Starbucks Drive-Thru, Jersey Mike’s Subs, Eddie’s Grill, Ventura’s Children’s Dental Group and Jessica’s Nails.
Campus Corner shares the signalized intersection of Day Road and Telegraph Road with the 112-acre Ventura College that has over 14,500 students and faculty. Over 73,000 people with an average household income in excess of $102,000 are located within a three-mile radius.
According to Hanley, the property generated multiple, qualified offers and closed escrow at 98% of the listed sale price.
“The offering attracted substantial investor interest due to its excellent location adjacent to Ventura College and long-term, triple-net leases with 100% internet-resistant tenants, which included a high-traffic, end-cap Starbucks drive-thru format,” said Asher. “Average Starbucks store sales are approximately 50% greater in locations that have a drive-thru which is why Starbucks Drive-Thru properties continue to remain in high demand; Campus Corner was no exception.”
Asher noted that MJL addressed the challenges of repurposing a former 14,000-square-foot Fresh & Easy grocery store by converting the existing building exterior to screen walls for the drive-through and creating new exterior walls within that footprint, resulting in a 9,000-square-foot multi-tenant building with a custom 15-car stack tunnel drive-thru facility.
Hanley Investment Group has arranged the sale of 34 single-tenant and multi-tenant coffee investments in the last 24 months, many at record-cap rates, making the company one of the most active brokerage companies in the sale of coffee investments around the country.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.
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