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Views: 92 Updated: 01.03.24 Posted: 10.18.23 Status: Inactive

Summary

Price $2,217,000
Built/Renov 2023
Tenant Starbucks
Cap Rate 5.75%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 2,225
Lease Start 09-01-2023
#Units 36,000
Price/SF $996.40
Expiration 08-31-2038
Tenant Type Fast Food/QSR
NOI $127,500
R. Term 14.2
Ownership Fee Simple
Rent/SF $57.30
Increases 7.5%/6/yrs
Pop 5Mi 52,247
Lot/AC 0.85
Options 3/5yrs/15.56%
AHHI 5Mi $78,350

Lease Highlights

  • Brand-new, state-of-the-art construction with Starbucks latest prototype
  • 15-year transferrable roof warranty in place
  • Tenant recently signed a new 15-year lease with 3 (5-year) options to extend
  • The lease features a 7.5% rent increase in year 6; 15.56% in 1st option; 7.5% in options 2 & 3
  • Favorable NN+ lease with landlord responsibilities limited to roof & structure
  • Corporate guaranteed lease (NASDAQ: SBUX) | (S&P: BBB+)

Location Description

Starbucks is conveniently located on Homer M Adams Pkwy, which has a daily traffic count of 22,500 vehicles. The property is in close proximity to Alton Square shopping mall, which features popular stores like JCPenney and Ross. Additionally, there are several hotels nearby, including a newly developed Holiday Inn, Super 8, Hampton Inn & Suites, and Best Western. The area is also home to major...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Starbucks
  • Guarantor:Corp T and Rated
  • Company:Starbucks Corporation
  • # Units:36,000
  • Tenant S&P: BBB+
  • Moody’s: Baa1
  • Stock: NASDAQ: SBUX

About Tenant

Starbucks Corporation is the leading roaster, retailer, and marketer of specialty coffee in the world. In addition to drinks and food, many stores carry Starbucks' official merchandise, such...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,214 33,599 51,513
2023 Total Population : 3,269 34,119 52,247
2023 Employed Civilian Pop : 1,409 15,803 24,047
2023 Total Businesses : 263 1,373 1,819
2023 Average Household Income : $ 55,782 $ 75,359 $ 78,350
2023 Total Consumer Spending : $ 73 M $ 1006 M $ 1567 M
2023 Median Age : 39 41 42
2023 Total Households : 1,496 15,263 22,884
2023 Pop Age 25+: Bachelor's Degree : 270 3,700 5,495
2023 Average Home Value : $ 122,856 $ 154,661 $ 160,241
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Buckmaster Ln Homer M Adams Pkwy 2011 6,500 0.05 mi
Homer M Adams Pkwy Golf Rd 2011 25,400 0.10 mi
Oakwood Ave Buckmaster Ln 2011 4,350 0.12 mi
Oakwood Ave Valentine Ln 2011 4,350 0.18 mi
Homer M Adams Pkwy Buckmaster Ln 2011 19,500 0.18 mi
Oakwood Ave Toledo Ave 2011 5,000 0.22 mi
Golf Rd Homer M Adams Pkwy 2011 1,600 0.23 mi
Golf Rd Homer M Adams Pkwy 2011 2,550 0.26 mi
Tulane St Tonsor Pl 2011 1,700 0.32 mi
Oakwood Ave Lovejoy Ln 2011 3,750 0.39 mi

Listing Broker

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