Gilbert Independent

Starbucks property sold in Gilbert

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2 days ago

Joe L. Dutra acquired the Starbucks @ The Forum at Gilbert Ranch property at 2336 S. Val Vista Drive, Gilbert, on July 3 for $2.6 million from an entity tracing to Joon S. Kim., according to commercial real estate website vizzda.com.

There was no debt recorded with the sale. Per Offering Memorandum, the net operating income is $132,000, which results in a cap rate of 5.08% at this sale price.

The building is about 2,497 square feet of retail space in a single-story, single-tenant building built in 2017 on 0.88 acres.

Tenant “Starbucks” commenced a 15-year double-net lease on Sept. 29, 2017. The lease has three five-year options to renew.

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