Hanley’s 4th Dutch Bros Coffee Drive-Thru Sale in the Last 90 Days
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 Dutch Bros Coffee Drive-Thru in Beaumont, California. The sale price was $1.9 million for the new 15-year absolute triple-net ground lease.
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Spanning the last 48 years, Evergreen is a national retail and multi-family development company with a heavy emphasis on developing projects in California, Colorado, Arizona and Utah. The buyer, a private investor based in Riverside County, California, was represented by Trevor Harris of Triwell Properties Inc. in Torrance, California.
“We generated multiple competitive offers and procured a local all-cash 1031 exchange buyer,” Asher said. “We implemented a pre-sale marketing strategy and secured the buyer while the property was under construction and closed escrow the day after the tenant opened for business.”
Dutch Bros (NYSE: BROS) is a high-growth operator and franchisor of drive-thru shops that focus on serving high-quality, hand-crafted beverages with unparalleled speed and superior service. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what Dutch Bros does, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that appeal to a broad array of customers. As of December 31, 2022, Dutch Bros had 671 locations across 14 states.
The single-tenant 920-square-foot Dutch Bros is located on 0.87 acres at 1675 E. 8th Street at the hard corner, signalized intersection of Highland Springs Avenue and 8th Street, adjacent to a brand new single-tenant 7-Eleven convenience store and gas station, also developed by Evergreen and is currently listed for sale by Hanley Investment Group (contact Bill Asher for further details at 949.585.7684 or email@example.com).
The property is situated on the morning side of the street, less than a half-mile north of the Interstate 10 on/off ramps (138,500 cars per day). Dutch Bros enjoys excellent accessibility and visibility with two points of ingress/egress and two monument signs along Highland Springs Avenue and 8th Street. The property is also located across from San Gorgonio Memorial Hospital, a 79-bed, non-profit community hospital with over 200 employees. Surrounding tenants include Walmart, Kohl’s, The Home Depot, Albertsons, ALDI, Best Buy, Food 4 Less, Hobby Lobby, Marshalls, Petco, Ross Dress For Less, Stater Bros Markets, Applebee’s, Burger King, Denny’s, Jack in the Box, Petco, Walgreens and Wendy’s.
The property benefits from its location in a high-growth trade area, just south of two master-planned communities, Butterfield and Sundance, with approximately 9,000 residential units between both communities. From 2010-2020, the area experienced a 21% increase in population and a 24% increase in the number of households within a three-mile radius of the property.
The city of Beaumont is part of the Inland Empire, one of the fastest-growing regions in the country. The Inland Empire has grown by 78% in the past 30 years, twice as fast as the rest of California during that same period.
“We have had great success in implementing a pre-sale marketing process for the sale of Dutch Bros in Beaumont to help the seller retain maximum value for the development,” Asher noted. “For many historical transactions, we have been able to procure buyers for net-leased assets often before the buildings are completed and the tenants are open for business. Although overall investor demand has slowed in 2023, we expect the appetite for well-located single-tenant net-retail investments leased to national corporate quick-service restaurant (QSR) drive-thru tenants to remain steady and pricing stable for the remainder of the year.”
Hanley Investment has completed the sale of 49 coffee-related retail investments in the past 48 months, including four single-tenant Dutch Bros properties in less than three months and seven in the last 16 months.
Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families
Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.
A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.
Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.
“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”
Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”
Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.
BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA
Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire
Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.
“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”
1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.
According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.
Hernandez resigns as County CEO; Snoke will continue filling in pending Board action
Leonard X. Hernandez resigned from the post of County Chief Executive Officer effective today. County Chief Operating Officer Luther Snoke has been filling in for Hernandez while Hernandez has been on leave and will continue to do so. The Board of Supervisors will act to appoint an interim or permanent CEO shortly.
“The Board of Supervisors appreciates the service Leonard provided to the public and the County organization, especially as we navigated our way through the pandemic and other very difficult challenges,” said Board of Supervisors Chair Dawn Rowe.
Hernandez provided the following statement:
“It has been an extreme privilege to serve as the Chief Executive Officer of San Bernardino County. I am thankful to the Board of Supervisors for their leadership and the hard-working men and women who do amazing work every day. Due to an urgent family health issue that requires my immediate and undivided attention, I have informed the Board of my resignation. Under the strong leadership of the Board of Supervisors and the County’s executive team, the County will continue doing great things for the residents of San Bernardino County.”
“The Board of Supervisors is committed to a seamless transition in staff leadership with no interruption in County services or impact on County residents or employees,” Rowe said. “Luther has performed well filling in for Leonard and I am confident in his ability to continue serving in this role until the Board takes action.”
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