Starbucks

NEC Highway 98 & Mattie M Kelly Blvd 32541

$3,550,000

Cap Rate 4.76%

Views: 91 Updated: 03.20.24 Posted: 10.30.23 Status: Sold

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 9.2	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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Key Features

New construction
Hard corner intersection
High traffic 50M+ VPD
Highway location
Affluent AHHI $100K 5 Mi
Income tax free state
Brand new lease
Favorable NN+ lease
Traded and rated company
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Destin, Florida Zip Code 32541 Broker Site Page

Maps

Local Information

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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Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

255 Listings
22857 Views
89 Sold

William Wamble

SRS National Net Lease Group

Contact

179 Listings
17290 Views
46 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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