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October 17, 2017

See how much it costs to buy an entire Starbucks

Phoenix Business Journal

Mike Sunnucks

It costs you around $5 for a pumpkin spice latte or a carmel spice mocha these days at Starbucks (Nasdaq: SBUX).

But what if you wanted to buy the building where baristas brew those drinks and coffee drinkers catch up on work emails and work on their screenplays?

A new Starbucks store in Mesa at Gilbert and McKellips roads has sold for $2.2 million. That translates into $1,099 per foot at the 2,000-square-foot location.

California-based Tunitas Beach Land Co. bought the Starbucks property from Oregon-based CVP Village Grove Starbucks LLC.

CBRE's Joseph Compagno, Martin Chiechi of Newmark Cornish & Carey and Nigel Keep of Kidder Mathews brokered the commercial real estate deal.

The Starbucks opened at the end of September is kitty corner to a Dutch Bros Coffee location.

"We've experienced robust activity with several Starbucks locations we've brought to market this year," said CBRE's Compagno. "We sold this Starbucks at list price to a California investor completing a 1031 exchange."

Those 1031 deals are tax-related transactions that give real estate buyers tax saving if they reinvest the proceeds of a previous sale.

For the full story, visit: Phoenix Business Journal

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