FRESNO, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a 7,502-square-foot Dutch Bros Coffee Drive-Thru-anchored multi-tenant retail pad within the River Oak Plaza, a Tractor Supply-anchored shopping center in Fresno, Calif. The sale price was $4.6 million.
Hanley Investment Group's Vice President Sean Cox and Executive Vice President Bill Asher represented the seller, California Gold Development Corporation of Sonora, Calif., one of Northern California's premiere real estate development and construction firms. The buyer, a private investor based in Visalia, Calif., was represented by Vicky Casey of Casey & Associates, also based in Visalia.
"We generated seven qualified offers in the first 45 days of marketing, ultimately securing a Central Valley-based 1031 exchange buyer on the final day of their identification period," Cox said. "We negotiated a 30-day contingency period and timely closing, which enabled us to meet the buyer's desired closing date and ensure a seamless transaction for both parties."
Built in 2019 on 1.25 acres, the Dutch Bros-anchored building is located at 6770 North Brawley Avenue in Fresno. The fully occupied building consists of a total of five tenants, a 100%-internet-resistant tenant mix that includes Dutch Bros Coffee, West Coast Sourdough, WaBa Grill, Sport Clips, and Organic Nails and Spa.
The Dutch Bros Coffee tenant is one of the top Dutch Bros franchisees, operating 15 Fresno-area locations, with six more planned in the next 18 to 24 months. Dutch Bros (NYSE: BROS) is the nation's fastest-growing coffee brand with more than 1,000 locations in 18 states, with plans to have more than 2,000 shops by 2029.
The property benefits from excellent visibility at the hard-corner, signalized intersection of West Herndon Avenue and North Brawley Avenue, which sees 54,000 cars per day. River Oak Plaza is anchored by Tractor Supply Co., which records 1.3 million annual visits, according to Placer.ai, and features an outstanding co-tenant lineup including Chipotle Mexican Grill, The Habit Burger, Verizon, and Goodguys Tire and Auto. The center also benefits from its strategic location between two of Fresno's main highways, Highways 99 and 41.
The surrounding North Fresno area boasts dense and affluent demographics, with more than 207,000 people within a five-mile radius and an average household income of $127,000 within a one-mile radius. The trade area is experiencing high growth, with the population increasing nearly 11% within a five-mile radius between 2010 and 2024. A new, significantly larger Costco is planned for Herndon Avenue, two miles west of the subject property. This highly anticipated relocation from its current store aims to create a facility designed to be one of Costco's largest, better serving the area's rapidly expanding customer base.
Fresno, as the largest city in California's Central Valley and the fifth-largest city in the state, serves as a core location within one of the world's largest economies, situated within four hours of 90% of California's population.
Cox added, "Multi-tenant retail pad buildings with drive-thru end caps continue to be one of the most sought-after retail investment types in today's market. Retail buyers remain attracted to multi-tenant outparcels due to their strength of location with street frontage, prime accessibility and visibility, combined with more attractive yields (compared to single-tenant investments) and income stream diversification from multiple tenants. This asset class will remain in high demand in 2025."
Over the last 48 months, Hanley Investment Group has sold 96 coffee-related retail properties across the U.S., totaling $357 million, including 11 Dutch Bros Coffee sales in the last 12 months.
About California Gold Development Corporation
California Gold Development Corporation is a privately held real estate development firm based in Northern California. With a legacy of over four decades, the company specializes in ground-up development, site selection, build-to-suit, single-tenant retail, mixed-use properties, and high-quality grocery-anchored retail shopping centers. Led by CEO Scot Patterson, California Gold Development Corporation is known for its hands-on approach, long-term partnerships, and commitment to creating enduring value in communities throughout the Western United States. For more information, visit www.calgolddevelopment.com.
About Hanley Investment Group
Celebrating 20 years, Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $12 billion transaction track record, specializing in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Sean Cox, Vice President
Email: Send Email
Phone: 949.585.7648
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/