Marcus & Millichap arranged the sale of Starbucks, a 3,500-square-foot net-leased property located at 9660 Kiefer Blvd. in Sacramento. The asset sold for $2,550,000.

“The property was a newly constructed single-tenant building with a 15-year corporate net lease to Starbucks,” said Yuri Sergunin, first VP investments in Marcus & Millichap’s Palo Alto office.

The buyer, an individual/personal trust, was procured by Sergunin and J.J. Taughinbaugh, SVP investments, in Marcus & Millichap’s Palo Alto office. The seller was represented by Cushman & Wakefield. The transaction included a 1031 exchange for the buyer.

The property rests in a high-visibility location near the signalized four-way intersection of Kiefer Boulevard and Bradshaw Road and is three miles from the Sacramento VA Medical Center and Sacramento Mather Airport.

Accord Group Holdings LLC, a global real estate strategic investment and capital advisory firm based in San Francisco, served as the exclusive financial advisor to the Bixby Land Company in its establishment of Bixby Industrial Fund 1. Terms were not disclosed.

The recapitalization portfolio consists of five industrial properties: two located in Mira Loma, CA; two in Phoenix; and one in Atlanta. Goldman Sachs Alternatives and an Ares Management Real Estate Secondaries fund are equity investors in the newly established fund.

“Accord started advising Bixby Land on this transaction last April. To see this transaction come together successfully in less than a year with two highly experienced investment partners during a period of economic challenges for commercial real estate is a testament to the team at Bixby and Accord’s structuring capabilities,” said Jack Berquist, managing partner at Accord.

The initial portfolio consists of five industrial properties totaling more than 836,000 square feet of leasable space. The properties are currently 100% leased to a total of 10 tenants with a weighted average lease term of 2.4 years.