Investor purchases top-performing Starbucks and Five Guys locations in

An entrepreneur and real estate investor has purchased top-performing Starbucks and Five Guys locations at 4660 and 4670 N. Socrum Road in Lakeland for $4.1 million. The buyer, Berke Olcay, owns a portfolio of multi-family and single/multi-tenant commercial properties.

Ron Schultz of Colliers represented the seller. Haci Kose of RE/MAX of Cherry Hill represented the buyer.

“With rapid population growth and strong economic development, the Florida market is hotter than ever, and investors are eager to acquire well-located properties in high-traffic areas like this,” said Schultz, Executive Vice President, Retail Investments for Colliers. “This deal included two stable tenants at a CAP rate slightly above where Starbucks properties typically trade, making it a good fit for the buyer.”

The national brands sit on a 1.03-acre lot a half mile east of Interstate 4 in Lakeland directly across from the interstate exit. The properties are separate parcels, with Starbucks occupying 1,816 square feet and Five Guys occupying 2,634 square feet. Both properties have a drive-thru to cater to busy travelers on the interstate.

Starbucks and Five Guys opened these locations in 2007 and completed renovations in 2017. They have three years left on their leases with an option to extend.

“Retail properties with national tenants like Starbucks and Five Guys remain in high demand with investors,” said Schultz. “Despite rising interest rates, prime retail properties remain competitive which allows sellers to achieve strong returns and has created a competitive market for both domestic and international investors.”

Olcay plans to maintain these properties as part of his long-term real estate portfolio.

About Colliers

Colliers is a leading diversified professional services and investment management company. With operations in 68 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.3 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.