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Starbucks, Wilmington, NC


Wilmington, NC

Price $2,876,000
Cap Rate 4.85%
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
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
CA RE License #01823291

Scott Crowle
Senior Director
CA RE License #01318288

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

» 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

» 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

» 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

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

Click Here to Download Offering Memorandum

Property Description

Starbucks Corporation (NASDAQ: “SBUX”) is the premier roaster, marketer, and retailer of specialty coffee in the world, operating more than 29,000 locations in 76 countries. Starbucks also sells a variety of coffee and tea products and licenses its trademarks through other channels, such as licensed stores, grocery, and national foodservice accounts. In addition to the flagship Starbucks Coffee brand, Starbucks also sells goods and services under the Teavana, Tazo, Seattle’s Best Coffee, Evolution Fresh, La Boulange, and Ethos brand names.

On August 27, 2018, Starbucks and Nestlé closed a $7.15 billion licensing deal, giving Nestlé the rights to market, sell, and distribute Starbucks’ packaged coffee and tea around the world. The licensing arrangement includes the rights to market everything from whole bean coffee to portioned coffee pods for each brand owned by Starbucks. The agreement significantly strengthens Nestlé’s coffee portfolio in the North American premium roast and ground and portioned coffee business. It also unlocks global expansion in grocery and foodservice for the Starbucks brand, utilizing the global reach of Nestlé. Starbucks CEO Kevin Johnson said the Nestle deal opens the door for the restaurant chain to reach a global scale in the retail sector as well. “This global coffee alliance with Nestlé is a significant strategic milestone for the growth of Starbucks,” Johnson said in a statement. “Bringing together the world’s leading coffee retailer, the world’s largest food and beverage company, and the world’s largest and fastgrowing installed base of at-home and single-serve coffee machines helps us amplify the Starbucks brand around the world while delivering long-term value creation for our shareholders.”

For the fiscal year ended September 30, 2018, Starbucks Corporation reported net revenues of $24.7 billion, representing a 10% increase from 2017. As of 2018, Forbes ranked Starbucks as the world’s second largest restaurant company and the world’s 370th largest company overall. Starbucks is rated“BBB+” by Standard & Poor’s.

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