Hanley Investment Real Estate Advisors Arranges $4.13 Million Sale of Single-Tenant Starbucks in Phoenix
PHOENIX, Ariz. — Hanley Investment Real Estate Advisors has arranged the $4.13 million sale of a newly remodeled, single-tenant Starbucks café and double drive-thru at 15615 South Desert Foothills Parkway in Phoenix, Arizona, the firm announced Sept. 22.
The 4,586-square-foot property, which sits on approximately 1.25 acres in the Ahwatukee Foothills submarket, traded at an implied price of roughly $900 per square foot. The buyer, a private investor from Los Angeles County completing a 1031 exchange, was represented by Thomas Chou of ALTC Realty. The seller, private investors affiliated with Pooya Dayanim and Andrew Gharibian of Chaser Capital, based in Los Angeles, was represented by Sean Cox and Bill Asher, along with Lee Csenar, all of Hanley Investment Real Estate Advisors.
Property and Lease Details
Originally constructed in 2003 as a bank building, the property was fully remodeled in 2025 and converted into a single-tenant Starbucks café featuring a double drive-thru configuration. The renovation delivered Starbucks' "Back to Starbucks" prototype, which includes redesigned interiors, expanded seating, and a community-oriented café environment designed for work, socialization, and relaxation.
The property operates under a new 10-year triple-net lease with a corporate guarantee from Starbucks. The site is located at the hard-corner, signalized intersection of East Chandler Boulevard and South Desert Foothills Parkway, which carries 42,850 vehicles per day. The location is the only Starbucks drive-thru within a 4.5-mile radius and ranks among the busiest of approximately 30 stores in its district.
Competitive Bidding Process and Transaction Timeline
Hanley Investment Real Estate Advisors generated six offers from private investors and 1031 exchange buyers for the asset, creating a competitive bidding environment. The team ultimately selected a buyer who already held a portfolio of three Starbucks properties in the Phoenix metropolitan area. The buyer completed a seven-day due diligence period, and escrow closed in 14 days.
The double drive-thru layout aligns with Starbucks' broader operational emphasis on throughput efficiency. The company reported that peak drive-thru and café throughput in the first quarter of fiscal 2026 averaged less than four minutes. That operational focus has reinforced investor interest in drive-thru-capable Starbucks locations, particularly those with a corporate-guaranteed lease and a long remaining term.
Ahwatukee Foothills Market Context
The property is situated in Ahwatukee Foothills, which Niche.com ranked the No. 1 neighborhood to live in Phoenix in 2025. The submarket is characterized by high barriers to entry stemming from community association restrictions that limit new development. The trade area features an average household income of $206,000 within a one-mile radius.
Phoenix retail fundamentals broadly support well-located, drive-thru-oriented assets. Retail vacancy in the Phoenix market stood at approximately 4.5% to 4.7% in the second quarter of 2026, reflecting a tight supply environment. Average retail rents in the market rose roughly 9.4% year over year during the same period, while average retail sale prices increased approximately 20.5%. The transaction's implied $900 per square foot is substantially above the Phoenix marketwide retail average, consistent with the premium typically associated with newly renovated, single-tenant, corporate-leased drive-thru properties on high-visibility corners.
Starbucks reported U.S. comparable-store sales growth of 7.9% in its third quarter of fiscal 2026, driven by a 4.2% increase in transactions and a 3.6% increase in average ticket. North America revenue rose 7% year over year to $7.4 billion in the quarter.
Net-Lease Investment Demand
The transaction reflects continued private-capital demand for single-tenant, net-leased retail assets in high-growth Sun Belt markets. Phoenix, home to approximately 5.2 million residents, remains one of the nation's fastest-growing major metropolitan areas. Single-tenant NNN retail properties in Phoenix have broadly traded in the 5% to 6% cap-rate range in 2026, with private and 1031 exchange buyers particularly active for well-located pad sites. Nationally, net-lease quick-service restaurant properties have traded in approximately the 4% to 6% cap-rate range, depending on tenant credit, lease term, and location quality.
The combination of a corporate-guaranteed lease, a 10-year term, a double drive-thru format, and limited nearby Starbucks drive-thru competition positioned the Ahwatukee Foothills asset as an attractive target for passive net-lease investors, particularly those seeking replacement properties under 1031 exchange timelines.
Sources:
Hanley Investment Real Estate Advisors press release