Connect with us

By Press Release

Hanley Investment Group’s New Dutch Bros Coffee Drive-Thru Sale Completes Break-up Sale Strategy at Highland Village Shopping Center



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 a brand-new construction, single-tenant property occupied by Dutch Bros Coffee Drive-Thru at Highland Village Shopping Center, a new Sprouts-anchored shopping center in Fontana, California. The sale price was $2.3 million for the absolute triple-net ground lease. This transaction marks the ninth property Hanley Investment Group has sold at Highland Village, totaling 75,509 square feet and approximately $43.1 million in combined sales.

Hanley Investment Group’s Executive Vice Presidents Kevin Fryman, Bill Asher and Jeff Lefko represented the seller, Adler Realty Investments of Woodland Hills, California, who developed the shopping center in phases starting in 2018-2019. The buyer was a private investor based in Los Angeles, California, represented by Hanley Investment Group’s Executive Vice President Jeremy McChesney.

“Retail developers continue to capitalize on executing a break-up sale strategy due to the gain in overall value compared to selling the center as a whole,” said Fryman. “We were able to achieve approximately 100 basis points better in cap rate by selling nine separate parcels individually versus selling the center all together.”

Fryman adds, “We were able to generate multiple offers on the sale of the Dutch Bros and secure a 1031 exchange buyer and close escrow prior to the store opening for business.”

Built in 2022 on a 0.45-acre parcel, the 871-square-foot Dutch Bros Coffee Drive-Thru is located at 17010 South Highland Avenue in Fontana. The property is situated on an outparcel to a 30,000-square-foot Sprouts Farmers Market at the hard-corner, signalization intersection of Highland Avenue and Sierra Avenue. Co-tenants include Raising Cane’s, Jack in the Box, Quick Quack Car Wash, Mountain View Tire, Jersey Mike’s Subs, Pacific Dental, Crumbl Cookies, Fatburger, Café Rio and Oggi’s.

Highland Village Shopping Center is immediately adjacent to the 210 Freeway (153,000 cars per day) at the Sierra Avenue entrance/exit and enjoys highly visible pylon signage. The 210 Freeway is one of the major east/west freeways connecting California’s San Gabriel Valley to San Bernardino.

Hanley Investment Group’s Fryman, Asher and Lefko previously arranged the sale of two multi-tenant retail pad buildings totaling 13,515 square feet and a 7,500-square-foot multi-tenant retail shop building adjacent to Sprouts. Sales at Highland Village Shopping Center also included a Quick Quack Car Wash ground lease, plus the sales of Sprouts, Mountain View Tire & Auto Service, Raising Cane’s and Jack in the Box, each as separate, single-tenant transactions at Highland Village Shopping Center. Hanley Investment Group’s sale of Quick Quack Car Wash at the shopping center was the first single-tenant Quick Quack to sell as a net-leased investment in California.

“We were able to maximize value for the seller through individual sales to private, non-institutional investors in a price range of approximately $2 million to $11 million, a price range that greatly appeals to the largest buyer pool in the retail investment industry,” said Asher. “Investors recognized that this shopping center and its location and demographics offered long-term security and stability in a continued growth area.”

Asher added that there are 325,000 people within a five-mile radius and an average household income of $89,000 within a one-mile radius of the shopping center.

“We expect investor demand for well-located, single-tenant and multi-tenant retail properties leased to nationally and regionally recognized internet-resistant tenants to remain steady in 2023,” Asher noted.

One of the fastest-growing brands in the food service and restaurant industry in the United States, Dutch Bros (BROS: NYSE) is a publicly traded drive-thru coffee chain with 671 locations across 14 states as of December 31, 2022. In 2022, Dutch Bros delivered another strong year of growth, with revenue increasing almost 50% to $739.0 million, driven by 133 new shop openings systemwide. In 2023, Dutch Bros is targeting 150 new systemwide shops, enabling the company to achieve its five-year goal of 800 systemwide shops by year-end. Additionally, Dutch Bros expects to be within striking distance of $1 billion in revenue in 2023 and 1,000 systemwide shops by the first half of 2025, according to a recent company news release.

This is the third Dutch Bros Coffee property sale Hanley Investment Group has sold within the last 30 days.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

Continue Reading

By Press Release

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.

Continue Reading

By Press Release

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.

Continue Reading

Bizz Buzz

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.”

Continue Reading

Business Journal Newsletter

Events Calendar

« December 2023 » loading...