Starbucks,
DeFuniak Springs, FL Investment Summary
| Price | $2,334,000 |
| Cap Rate | 5.25% |
| NOI | $122,500 |
| Lease Term | 10 Years |
| Lease Type | Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof, Structure, And Parking Lot |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2022 |
| Building Size | 2,500 SF |
| Lot Size | 1.15 acres (50,094 SF) |
| Status | Available |
| Lead Brokers | 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 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
10-YEAR CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENTGRADE SINGLE-TENANT ASSET
» 10-year corporate net lease to Starbucks Corporation
» Below market rent for new build-to-suit Starbucks in Florida
» 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
» New 2022 construction with dedicated double drive-thru and patio seating for added customer convenience
» Located in an income tax-free state
HIGH-TRAFFIC LOCATION ALONG TWO MAJOR FLORIDA THOROUGHFARES
» Strategic location near the intersection of U.S. Route 331 and Interstate 10, the busiest intersection in DeFuniak Springs (42,657 AADT)
» Interstate 10 is the fourth-longest Interstate in the U.S., while U.S. Route 331 connects Florida to Alabama
» This will be the only Starbucks along Interstate 10 between Tallahassee and Crestview
» 36,897 residents live within a 15-mile radius, with a 25% population increase since 2010
» Projected population and income increase within 5-, 10-, and 15-mile radii over the next five years, poising Starbucks and DeFuniak Springs for steady concurrent growth
PRIME LOCATION NEAR MAJOR TRAFFIC AND BUSINESS DRIVERS
» One-half mile from the only Walmart Supercenter within 29 miles of the site, creating significant crossover shopping to the location
» Surrounded by a strong mix of local and national retailers, including Lowe’s Home Improvement, Winn-Dixie, Harbor Freight Tools, Tractor Supply Co., McDonald’s, Burger King, and many more
» Located immediately north of two large-scale, mixed-use development projects, Eagle’s Crossing (1,400 acres) and Bay Springs (288 acres)
» Common gateway to major South Florida tourist destinations, including Panama City Beach, Destin, and Pensacola
Property Description
» The property has a strategic location near the intersection of U.S. Route 331 and Interstate 10, the busiest intersection in DeFuniak Springs (42,657 AADT).
» The site will serve as the only Starbucks along Interstate 10 between Tallahassee and Crestview (currently a 150-mile gap).
» 36,897 residents live within a 15-mile radius, with a 25% population increase since 2010.
» This Starbucks is set one-half mile from the only Walmart Supercenter within 29 miles of the site, creating significant crossover shopping to the location.
» Immediately north of two large-scale, mixed-use development projects, Eagle’s Crossing (1,400 acres) and Bay Springs (288 acres).
» Projected population and income increase within 5-, 10-, and 15-mile radii over the next five years, poising Starbucks and DeFunkiak Springs for steady concurrent growth.
» The property serves as a common gateway to major South Florida tourist destinations, including Panama City Beach, Destin, and Pensacola.
