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DOM: 111 Updated: 07.06.23 Posted: 05.24.23 Status: Sold     09.13.23

Summary

Price $3,050,000 $3,215,000
Built/Renov 2023
Tenant Starbucks
Cap Rate 5.21% 4.95%
Lease Type NN+
Guarantor Corporate
Size/SF 2,526
Lease Start 09-01-2022
#Units 36,000
Price/SF $1,207.44 $1,272.76
Expiration 09-01-2032
Tenant Type Fast Food/QSR
NOI $159,000
R. Term 7.2
Ownership Fee Simple
Rent/SF $62.95
Increases 10.0%/4/yrs
Pop 5Mi 126,410
Lot/AC 0.99
Options 6/5yrs/10%
AHHI 5Mi $104,656

Highlights

  • Brand new 2023 construction
  • Starbucks recently signed a brand new 10-year lease with 6 (5-year) options
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
  • Landlord responsibilities limited to capital repairs to roof & structure
  • Corporate guarantee by Starbucks Corporation ( NASDAQ: SBUX)
  • Starbucks is an investment grade tenant (S&P: BBB+)

Location Description

This Starbucks is strategically located on a hard corner intersection (33,250 +VPD) within Hope Preserve Development, a 46+ acre development that will become a new epicenter in Lee County for medical, retail, and hospitality. Hope Preserve will include 124-key hotel, several large medical office users totaling over 100,000 SF, two surgery centers, 30,000+ SF of general office, and more. The...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Starbucks
  • Guarantor:Corporate
  • 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 : 2,592 41,915 129,250
2023 Total Population : 2,664 42,208 129,400
2023 Employed Civilian Pop : 1,176 18,758 57,799
2023 Total Businesses : 458 3,900 9,102
2023 Average Household Income : $ 90,877 $ 99,810 $ 102,339
2023 Total Consumer Spending : $ 120 M $ 1835 M $ 5256 M
2023 Median Age : 63 60 52
2023 Total Households : 1,525 21,277 59,323
2023 Pop Age 25+: Bachelor's Degree : 504 8,591 24,691
2023 Average Home Value : $ 297,176 $ 370,199 $ 380,181
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Ben C Pratt Pky Molly Ln 2001 19,700 0.11 mi
Plantation Rd Ben C Pratt Pky 2001 1,600 0.17 mi
Metro Pky Kryeton Ln 2005 10,700 0.27 mi
Ben C Pratt Six Mile Cypress Parkway Miracle Pkwy 2021 32,500 0.53 mi
Plantation Road Miracle Pkwy 2021 6,200 0.59 mi
Metro Parkway Endeavor Ln 2021 24,000 0.60 mi
Ben C Pratt Six Mile Cypress Parkway Independence Cir 2021 41,000 0.84 mi
Briarcliff Road Shamrock Dr 2021 3,300 0.86 mi
Daniels Parkway Plantation Rd 2021 54,000 1.18 mi
Daniels Pky Metro Pky 2001 35,500 1.22 mi

Listing Broker

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