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Starbucks, Greensboro, NC

Starbucks, Greensboro, NC


Investment Summary

Price $2,638,000
Cap Rate 5.65%
NOI $149,000
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, and structure and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built Renovated in 2023
Building Size 3,670 SF
Lot Size 0.87 acres (37,897 SF)
Status Under Contract
Lead Brokers Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

10-YEAR CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENT-GRADE-TENANT
» 10-year corporate net lease to Starbucks Corporation
» Location is a “Community Store”, which will bolster economic growth by including an environment to connect with and engage the Greensboro community
» 10% fixed rental increases every five years, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 33,833 locations and $29.1 billion in annual revenue

PROMINENT OUTPARCEL LOCATION IN MAJOR GREENSBORO RETAIL CORRIDOR NEAR MAJOR COMMUNITY HUBS
» Outparcel to Food Lion-anchored Golden Gate Shopping Center
» Surrounded by national retailers including Food Lion, Walgreens, CVS, Planet Fitness, Sherwin-Williams, 7-Eleven, Subway, and many others
» Minutes from The Moses H. Cone Memorial Hospital, a 63-acre campus which includes a 628-bed teaching hospital and referral center
» Close proximity to Page High School (2,220 students), Cone Elementary (550 students) and Northeast Academy of Arts and Sciences (350 students)
» Gateway to Downtown Greensboro, the third-most populous city in North Carolina and the 68th-most populous city in the U.S.

HIGH-TRAFFIC LOCATION IN A POPULATED AND GROWING AREA
» Strategically located near the signalized intersection of East Cornwallis Drive and Golden Gate Drive with excellent visibility and access to a combined 16,300 vehicles per day
» 184,594 residents within a five-mile radius of the property, providing a large customer base for this new Starbucks
» Average Annual Household Income of $105,652 within one mile of the property
» Projected income increases within 1-, 3-, 5- mile radii over the next five years poise Starbucks and Greensboro for steady concurrent growth

FULL BUILDING RENOVATION IN 2023
» High-quality 2023 construction featuring a dedicated double drive-thru (16+ vehicle stack), providing additional customer convenience, and boosting sales revenue

Property Description

» Strategically located along East Cornwallis Drive, near the signalized intersection of East Cornwallis Drive and Golden Gate Drive with excellent visibility and access to a combined 16,300 vehicles per day
» The site is an outparcel to Food Lion anchored Golden Gate Shopping Center, which includes a mix of local and national tenants including Planet Fitness, H&R Block, Vito’s Restaurant and many others
» This new Starbucks is also minutes from The Moses H. Cone Memorial Hospital, a 63-acre campus which includes a 628-bed teaching hospital and referral center
» The surrounding area is dense and affluent with 184,594 residents living within a five-mile radius and an average annual household income of $105,652 within one mile, which is expected to increase by more than 13% over the next five years

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