Challenge

The Starbucks property was located in Orange County along Beach Boulevard, which receives traffic from 67,000 cars per day and is adjacent from Knott’s Berry Farm, a 57-acre theme park with over six million visitors annually. The Starbucks property had recently relocated 0.1 miles to the only available drive-thru location. The move was completed by the seller, CalBay Development, a Southern California retail development firm focused on buying premium commercial properties and developing first-class projects.

Strategy

To generate offers, the Matthews™ team prospected all like-kind real estate owners as well as California apartment 1031 exchange buyers through the Matthews™ 1031 Exchange Program. The goal was to provide superior client services and communicate to the prospective buyers the generational value of this trophy asset. The team generated an abundance of interest through utilizing the Matthews™ database.

Results

By working with Matthews™, the seller went under contract with the first buyer that was vetted and selected in just 17 days. The all-cash transaction closed in under two months at 93 percent of the list price. Matthews™ facilitated a smooth transaction process for both parties and ultimately sold the property for $7.88 million, setting the record as the highest priced Starbucks sale in history.