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Views: 80 DOM: 32 Updated: 11.19.24 Posted: 11.19.24 Status: Active

Summary

Price $2,445,846
Built/Renov 2024
Tenant Starbucks
Cap Rate 5.85%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 2,300
Lease Start 06-04-2024
#Units 38,038
Price/SF $1,063.41
Expiration 06-30-2034
Tenant Type Fast Food/QSR
NOI $143,082
R. Term 9.6
Ownership Fee Simple
Rent/SF $62.21
Increases 7.5%/5/yrs
Pop 5Mi 21,116
Lot/AC 0.72
Options 6/5yrs/6%
AHHI 5Mi $96,362

Lease Highlights

  • Brand new 2024 construction with a drive-thru
  • New 10-year lease with 6 (5-year) options to extend
  • 7.5% rental increase in year 6 | 6% increases at the beginning of each option period
  • Favorable NN+ lease with landlord responsibilities limited to roof & structure
  • Corporate guarantee | No early termination or kick out clause
  • Investment grade tenant (S&P: BBB+)

Location Description

This newly constructed Starbucks is strategically located along Henderson Way, directly off the I-69 exit, which sees a combined 89,576 vehicles per day. It is adjacent to multiple new developments, including Wolfie’s Bar & Grill, 3 Rivers Credit Union, BP Gas Station, and Community Health Network Medical Office, with proposed developments such as 324 multi-family units, a Hampton Inn &...

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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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