INGLEWOOD, Calif. (SBE) – An Inglewood Starbucks location has sold for $5.1 million.
According to ConnectCRE, the listing was called a “trophy location” due to its proximity to the Kia Forum and SoFi Stadium.
Located at 801 E. Manchester Blvd., Inglewood residents knowo the location was the former home to M&M’s Soul Food.
In announcing the close of the sale, it was noted the deal was made possible due to a long-term “corporate guaranteed lease” structure that is believed to have helped drive up the value of the property.
“While the current cap rate climate is trending upwards, we were able to drive pricing on this asset due to the investment grade tenancy with 13 years remaining on the absolute corporate-guaranteed lease structure as well as the extremely strong underlying real estate,” said Brian Wolfman, who represented the seller.
The location was one of the first long-time, Black-owned businesses to close almost immediately after the City announced plans for SoFi Stadium.
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Then owner Beverly Brinson said in a 2018 interview that her rent swelled from $6,200 to $14,000 per month.
“And it is not worth it. We don’t make that,” said Brinson at the time. She operated at that location for eight years.
Related: Starbucks Goes From Sip and Stay to Grab and Go
Once Brinson was out, the building was demolished and rebuilt in 2021 for Starbucks which doesn’t include inside dining.
During the COVID pandemic, Starbucks shifted from “sip and stay” to “grab and go” model which removed seating from stores across the United States and Canada.