Starbucks Aberdeen

Property Overview

1202 Wishkah St in Aberdeen, Washington is a 1,648 SF single-tenant Starbucks drive-thru built in 2006 as a build-to-suit for Starbucks Corporation. The property fronts State Route 12, the primary connector between Interstate 5 and Washington's coastal recreation areas, with over 20,000 vehicles passing daily. Neighboring retailers include Walmart, Ross, Goodwill, Taco Bell, KFC, and McDonald's, and the property sits directly across from the 150,000 SF Olympic Gateway Plaza.

Challenge

Our team was engaged to sell a single-tenant Starbucks investment in Aberdeen, Washington, representing both the buyer and the seller. A key step before bringing the property to market was confirming a finalized lease extension with Starbucks, which was essential to presenting buyers with a clean, fully documented investment. The buyer intended to use the acquisition as a 1031 exchange replacement property, adding a layer of timing and qualification requirements to the transaction.

Action

Before launching the marketing campaign, Erik and Mike worked to finalize the Starbucks lease extension, ensuring the offering was fully buttoned up prior to going to market. The investment was positioned around several durable fundamentals: a corporate Starbucks lease backed by an S&P-rated tenant, a drive-thru format on a high-traffic state highway, and a location with no competing Starbucks drive-thru within 50 miles. Our team identified and qualified a 1031 exchange buyer and managed the transaction on behalf of both parties through to close.

Result

• Sale price of $1,145,000, or $695 per SF
• 100% occupancy at the time of sale
• Represented both the buyer and the seller
• Successfully accommodated the buyer's 1031 exchange requirements
• Lease extension with Starbucks finalized prior to marketing, strengthening the offering