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Views: 32 DOM: 9 Updated: 09.12.24 Posted: 08.13.24 Status: Sold 08.22.24

Summary

Price $3,030,000 $3,130,814
Built/Renov 2024
Tenant Starbucks
Cap Rate 5.53% 5.35%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 2,000
Lease Start 05-09-2024
#Units 38,038
Price/SF $1,515.00 $1,565.41
Expiration 05-31-2034
Tenant Type Fast Food/QSR
NOI $167,500
R. Term 9.7
Ownership Fee Simple
Rent/SF $83.75
Increases 10.0%/5/yrs
Pop 5Mi 147,896
Lot/AC 0.24
Options 4/5yrs/10%
AHHI 5Mi $97,375

Lease Highlights

  • Brand new 2024 construction
  • Starbucks has 9+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located at the signalized, hard-corner intersection of Center Drive and Railroad Avenue, with access to a combined daily traffic count of 23,681 vehicles. The property is conveniently positioned just off Highway 4, which sees 155,000 VPD, and is steps away from the new Courtyard by Marriott hotel development, set to open in August 2024. Additionally, it is within...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Starbucks
  • Guarantor:Corp T and Rated
  • Company:Starbucks Corporation
  • # Units:38,038
  • Tenant S&P: BBB+
  • Moody’s: Baa1
  • Stock: NASDAQ: SBUX

About Tenant

Starbucks Corporation (NASDAQ: SBUX) is the leading roaster, retailer, and marketer of specialty coffee in the world. In addition to drinks and food, many stores carry Starbucks' official...


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