Starbucks

405 East Cornwallis Drive, Greensboro, NC 27405

$2,483,400

Cap Rate 6.00%

Views: 96 DOM: 114 Updated: 08.27.24 Posted: 05.16.24 Status: Active

Summary

Price $2,483,400	Built/Renov 1973/2023	Tenant Starbucks
Cap Rate 6.00%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 3,670	Lease Start 05-30-2023	#Units 38,038
Price/SF $676.68	Expiration 05-31-2033	Tenant Type Fast Food/QSR
NOI $149,000	R. Term 8.8	Ownership Fee Simple
Rent/SF $40.60	Increases 10.0%/5/yrs	Pop 5Mi 184,742
Lot/AC 0.87	Options 6/5yrs/10%	AHHI 5Mi $88,612

Lease Highlights

Starbucks has 9 years remaining on the current lease term with 6 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Corporate guarantee (NASDAQ: SBUX)
Investment grade tenant (S&P: BBB+)

Location Description

Starbucks is strategically located on East Cornwallis Drive, with access to 8,800 vehicles passing by daily. The property is also positioned one mile north of US-220 (48,000 VPD) and less than 2 miles southwest of US-29 (57,000 VPD). Additionally, it serves as an outparcel to Golden Gate Shopping Center, which is anchored by Food Lion, Planet Fitness, H&R Block, and other establishments. The...

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Key Features

Recent renovation
Build to suit
Dense retail corridor
Near major nationals
Shopping Ctr out-parcel
Top 100 MSA
Strong demographics
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Greensboro, North Carolina Zip Code 27405 Broker Site Page

Maps

Local Information

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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Listing Broker

Brian Pfohl

CBRE: NLPG Atlanta

Contact

123 Listings
12311 Views
60 Sold

Chris Bosworth

CBRE: NLPG Atlanta

Contact

123 Listings
12160 Views
62 Sold

Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Thomas Carr

CBRE: NLPG Atlanta

Contact

125 Listings
12349 Views
63 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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