BARSTOW, Calif. – 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 single-tenant Dunkin’ (formerly known as Dunkin’ Donuts) and Baskin-Robbins in Barstow, Calif. The purchase price was $2.6 million for a 2,600-square-foot building with a drive-thru, representing $1,000 per square foot.
Hanley Investment Group’s Executive Vice President Bill Asher and Vice President Jeff Lefko represented the seller, an Orange County, Calif.-based partnership. The buyer, a private investor from Los Angeles, was represented by Paul Bahk and James Chin of Realtex Properties, Inc. of Los Angeles.
“We executed a pre-sale marketing strategy, securing a 1031 exchange buyer based in Southern California, including buyer waiving all contingencies prior to completion of construction,” said Asher. “We closed at 97 percent of the list price and closed escrow shortly after Dunkin’ opened for business.”
Located midway between Los Angeles and Las Vegas, the 0.68-acre property is located at 2804 Lenwood Road in Barstow, off Interstate-15 freeway (58,000 cars per day) and adjacent The Outlets at Barstow, a popular regional destination. Two million shoppers and 13,000 tour buses annually visit The Outlets at Barstow, which includes a variety of national brands such as Banana Republic, Calvin Klein, Coach, Guess, Kate Spade, Lacoste, Michael Kors, Nike, Old Navy and Polo.
“Barstow is a popular half-way stop between Los Angeles and Las Vegas,” said Lefko. “Over 60 million people and 19 million vehicles travel through Barstow each year. Several major highways converge in Barstow: Interstate 15, Interstate 40, U.S. Route 66, State Route 58 and State Route 247. It is the perfect place to stop for gas and food. Nearby national and regional restaurants include In-N-Out Burger, Arby’s, Burger King, Carl’s Jr., Chili’s, Chipotle Mexican Grill, Del Taco, Denny’s, Dickey’s Barbecue Pit, El Pollo Loco, IHOP, McDonald’s, Panda Express, Panera Bread, Subway, Starbucks, The Habit Burger and Tommy’s.”
“The market for single-tenant assets with drive-thrus like Dunkin’ and Baskin-Robbins remains strong in Southern California,” said Asher. “This type of investment continues to be a retail investment of choice for passive investors, especially leased to national name-brand food tenants.”
Barstow is the second single-tenant Dunkin’ Hanley Investment Group has sold in California in the last six months. Hanley sold a similar single-tenant Dunkin’ in Victorville in 2018. Hanley has sold more standalone pads leased to Dunkin’ in California than any other brokerage company in the last three years.
With more than 20,000 points of distribution in more than 60 countries, Dunkin’ Brands is one of the world’s leading franchisors of quick service restaurants (QSRs) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. Dunkin’ Brands is the parent company of two of the world’s most recognized and beloved brands: Dunkin’, America’s favorite all-day, everyday stop for coffee and baked goods, and Baskin-Robbins, the world’s largest chain of ice cream specialty shops. Dunkin’ Brands’ 100 percent franchised business model currently includes more than 12,500 Dunkin’ restaurants and nearly 8,000 Baskin-Robbins restaurants.