Encore Real Estate Investment Services closed the sale of a single-tenant net-leased Starbucks in the affluent neighborhood of Grosse Point Woods, Michigan. The investment is a free-standing building on an absolute triple-net lease.
This Starbucks had 18 months remaining on the lease at the time of sale.
Evan Lyons of Encore represented the Utah-based seller. The California buyer was represented by an outside broker.
The asset closed within 99 percent of list price at a 6.19 percent cap rate. Lyons was able to achieve a sales price per-square-foot of $846.