Hanley Investment Group Real Estate Advisors arranged the sale of a two-tenant retail building occupied by a Starbucks with a drive-thru and QDOBA Mexican Eats at 2301-2303 Hamilton Blvd. in Sioux City, Iowa. The sale cap rate for the two-tenant net-leased investment was 6.30 percent. The price was not disclosed.
Hanley Investment Group’s vice president Jeff Lefko and executive vice president Bill Asher represented the seller, N3 Real Estate of Southlake, Texas, as well as the buyer, a family trust based in Orange County, California.
Renovated in 2015, the two-tenant, 5,002-square-foot pad building sits on a 1.01-acre lot and features a 2,000-square-foot Starbucks with a drive-thru and a 3,002-square-foot QDOBA Mexican restaurant. The property is located at the signalized intersection of Hamilton Boulevard and 24th Street.
Lefko notes that Starbucks is well-positioned in the market for long-term success as it is only one of two Starbucks drive-thrus located in Sioux City. The other is more than eight miles away.