REBusinessOnline

Faris Lee Brokers $4.3M Sale of Starbucks Ground Lease in Riverside, California

1303-University-Ave-Riverside-CA

Starbucks Coffee occupies the retail property at 1303 University Ave. in Riverside, Calif.

RIVERSIDE, CALIF. — Faris Lee Investments has arranged the sale of the ground lease for a retail property located at 1303 University Ave. in Riverside. An Idaho-based private developer sold the asset to a California-based family office for $4.3 million.

Starbucks occupies the property, which is located near University of California Riverside, under a new 20-year lease term with three 10-year options to extend, including 10 percent rental increases.

Don MacLellan, Rich Chichester and Phil Ramming of Faris Lee, along with Cypress Retail Group, represented the seller in the deal.

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