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Starbucks, Wilmington, NC

Starbucks

Wilmington, NC

Price $2,658,000
Cap Rate 5.25% return
NOI $139,500
Lease Term 10 Years
Lease Type Net, with Tenant Responsible for Taxes, Insurance, and Maintenance, Excluding Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2019
Building Size 2,510 SF
Lot Size 0.63 Acres (27,471 SF)
Status Available
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for ten years plus four five-year options
» 10% fixed rent increases every five years in initial term and option periods
» Starbucks is an investment grade tenant, rated “BBB+” by Standard & Poor’s

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 43,000 vehicles per day directly in front of the property on Carolina Beach Road
» Located just off of the signalized intersection of Carolina Beach Road and Piner Road, with a high traffic volume of 61,000 vehicles per day at the intersection
» Outparcel to large shopping center anchored by Home Depot
» Prominent location in dense retail corridor

RAPIDLY GROWING SUBMARKET
» Prime location in the rapidly growing Monkey Junction submarket
» Multiple development projects planned and underway near the property
» Submarket benefits from close proximity to Carolina Beach and the Cape Fear River, as well as everyday leisure, major shopping, dining, golf courses, and healthcare facilities

NEW 2019 CONSTRUCTION
» High-quality construction scheduled to be completed in early 2019
» Features dedicated drive-thru
» New building, limiting near-term deferred maintenance or capital costs



Property Description

The property is located just off of the signalized intersection of Piner Road and Carolina Beach Road, with excellent visibility and access to 61,000 vehicles per day. Located in a dense retail corridor, the property is outparcel to a large shopping center anchored by Home Depot and tenanted by well-known brands like Buffalo Wild Wings, Fantastic Sams, Massage Envy, Wells Fargo, Staples, Hallmark, and many others. The property is also within walking distance of a number of retail centers featuring notable retailers like Walmart, Lowe’s, Dollar Tree, Lowes Foods, PetSmart, and GameStop. Other important tenants near the property include AutoZone, MetroPCS, Burger King, Midas, and McDonald’s.

The property is approximately five miles from Downtown Wilmington. A number of schools are located in the area, including Eugene Ashley High School (1,979 students), Myrtle Grove Middle School (754 students), and Myrtle Grove Christian School (371 students). The property is also surrounded by residential neighborhoods and is close to a number of recreational areas, including several golf courses and public beaches.

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