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Views: 91 DOM: 18 Updated: 09.15.24 Posted: 08.29.24 Status: Active

Summary

Price $1,391,304
Built/Renov 2023
Tenant Caribou Coffee (GL)
Cap Rate 5.75%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 600
Lease Start 03-01-2024
#Units 155
Price/SF $2,318.84
Expiration 03-01-2039
Tenant Type Fast Food/QSR
NOI $80,000
R. Term 14.5
Ownership Ground Lease
Rent/SF $133.33
Increases 10.0%/5/yrs
Pop 5Mi 298,309
Lot/AC 0.53
Options 2/5yrs/10%
AHHI 5Mi $71,754

Lease Highlights

  • New 2023 construction
  • Caribou Coffee has 14+ years remaining on the current ground lease term with 2 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Lease guaranteed by Manna Development Group (155 units backed)

Location Description

Caribou Coffee is strategically located on Southfield Road, with access to 47,073 vehicles passing by daily. The property is conveniently situated just 0.5 miles from I-75 Highway and is surrounded by well-known national tenants including Subway, Ace Hardware, Rite Aid, CVS Pharmacy, Krispy Kreme, and more. The 5-mile trade area supports a population of 298,309 residents with an average...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Founded in 1992, Caribou Coffee provides innovative, high-quality handcrafted beverages, and an all-day menu including gluten-free, vegetarian, and plant-based items. Caribou has 325 company-owned...


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Listing Broker

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