LAKE ELSINORE, CA — While there are many businesses losing amid the coronavirus, lucrative deals have also been underway, including one in Lake Elsinore, which people associated with the transaction say shows the popularity these days of drive-thru buildings.
A 3,200-square-foot pad building at Lake Elsinore Marketplace that is currently leased by Starbucks sold Sept. 10 for $3,765,000.
Built in 2005 on .49 acres and renovated in 2020, Hanley Investment Group Real Estate Advisors represented the seller (Irvine-based Pacific Castle), while KW Premier Properties in Phillips Ranch represented the private investor from West Covina.
Despite its collision with COVID-19, the deal on the 29285 Central Avenue site wasn’t derailed, according to Hanley Investment Group Executive Vice President Kevin Fryman, who was part of the transaction.
Escrow opened on the property prior to Starbucks opening for business and before a formal rent agreement was inked, Fryman said.
“Despite the transaction being