Starbucks store in Buena Park sells for record-high $7.88 million

How much does a Starbucks cost?

In Buena Park, if you’re talking commercial real estate, a free-standing store with a drive-through recently sold for $7.88 million. And the deal’s broker says that’s the highest price ever paid for a standalone Starbucks store, according to CoStar data.

If you’re a Knott’s Berry Farm fan, you know the site. Remember the odd Burger King shaped like a medieval castle just north of the theme park’s entrance? Well, the structure was retooled by CalBay Development with a more modern look and the big-name coffee chain.

And now it’s been sold to a private investor from Southern California with a record-setting price tag that’s tied to the chain’s popularity and its drive-through service that can boost sales by an estimated 70%.

“There’s only so many drive-through retail locations in L.A. and Orange County, so they’re very valuable when they are available,” says Jon Prater of Matthews Real Estate Investment Services, who along with Aron Cline brokered the deal for the seller.

Single-tenant retail properties have been a hot property in recent years. Instead of acquiring an entire shopping center, these real estate assets allow a landlord the luxury of choosing to collect rent from just one tenant. In this case, Starbucks is about as financially solid as you can get.

This Starbuck property was a quick sale, drawing multiple offers, Prater said. The deal closed with two months at a price that was 93% of what was initially asked for.

It certainly helped that this neighborhood is becoming more than just a gateway to Knott’s. Upgraded hotels have been added and the new Porto’s Bakery is across the boulevard from the Starbucks.

“It’s prime-time property, lots going on on Beach Boulevard right now,” Prater says.