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Views: 0 DOM: 42 Updated: 11.28.23 Posted: 10.30.23 Status: Active

Summary

Price $3,550,000
Built/Renov 2023
Tenant Starbucks
Cap Rate 4.76%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 2,500
Lease Start 12-01-2023
#Units 36,000
Price/SF $1,420.00
Expiration 12-01-2033
Tenant Type Fast Food/QSR
NOI $169,000
R. Term 9.11
Ownership Fee Simple
Rent/SF $67.60
Increases 10.0%/5/yrs
Pop 5Mi 21,027
Lot/AC 0.85
Options 6/5yrs/10%
AHHI 5Mi $129,218

Lease Highlights

  • 2023 construction which features high-quality materials, high-level finishes, and distinct Starbucks design elements
  • Tenant recently signed a new 10-year lease with 6 (5-year) options to extend
  • The lease features 10% rental increases every 5 years and at the beginning of each option
  • Favorable NN+ lease with landlord responsibilities limited to roof & structure
  • The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+)

Location Description

This newly constructed Starbucks is strategically located at the hard corner intersection of US Hwy 98 and Mattie M Kelly Blvd, averaging a traffic count of 56,000 vehicles passing by daily. US Hwy 98 serves as Destin's primary retail thoroughfare, featuring nationally recognized and credit tenants like Target, Hobby Lobby, Chick-fil-A, Publix, and more. Notably, a Walmart location ranking...

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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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