- Arizona Contractor & Community
Starbucks Redevelopment Replaces Old Bank Building in Sun City
A Starbucks recently opened at the former location of Wells Fargo Bank on the corner of Bell Rd. and North Del Webb Blvd. in Sun City, Ariz., Walt Brown Jr., CEO and founder of Diversified Partners confirmed.
The leading Scottsdale real estate brokerage and development company just completed constructions on the 2,788-square-foot-space which includes a drive-thru lane, interior café and a patio for outdoor seating.
It will be the first standalone Starbucks west of the 101 in Sun City. The current Starbucks in the area is located inside the Safeway building and does not have a drive thru.
“We are thrilled to have been able to develop another store for Starbucks,” said Brown. “It’s a great location and this will be the 10th Starbucks Diversified Partners has brought to the Greater Phoenix area in less than five years.”
The former Wells Fargo Bank building was purchased by Brown on February 14, 2020, for $1.1 million, redeveloped and then sold at a 3.9 percent cap rate on February 14, 2022. A cap rate is calculated by net operating income divided by the sales price of the asset. It shows the potential rate of return on a real estate investment. Emma Barreca represented Diversified Partners on the sale.