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Starbucks, Odessa, FL

Starbucks

Price $2,680,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type Net, with Tenant Responsible for Taxes, Insurance, and Maintenance, Excluding Roof, Structure, and Parking Lot Replacement
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2019
Building Size 2,515 SF
Lot Size 1.12 Acres (48,787 SF)
Status Sold
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
Cushman & Wakefield
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
» Scheduled rental 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 NEAR MAJOR RETAILERS
» Located just past the signalized intersection of State Road 54 and Trinity Boulevard, with excellent visibility and access to 79,900 vehicles per day
» Part of Trinity Lakes Crossing, a new retail development which will include notable tenants like Hampton Inn, Wawa, Burger King, Express Oil Change, Trinity Car Wash, Achieva Credit Union, and more
» Direct access to the Shoppes at Trinity Lakes, a Publix-anchored shopping center that also features Orangetheory Fitness, Moe’s Southwest Grill, Mathnasium, Hair Cuttery, Verizon, and Wendy’s
» Other major retailers located near the property include Walmart Supercenter, CVS, Anytime Fitness, Buffalo Wild Wings, and McDonald’s

HIGH-GROWTH, AFFLUENT TRADE AREA
» Area around the property is developing rapidly, with several commercial and residential projects underway near the site
» Directly across from Starkey Ranch, a 2,500-acre community planned for over 5,000 homes, a 20-mile trail system, 150 acres of parks, a K-8 school, a public library, a community theater, a business park, and a commercial center
» Between 2010 and 2018, the population within one mile of the property grew more than 137%, and more growth is predicted
» Area is expected to have 22,575 new residential units by the end of 2019
» In total, 47,775 residential units are expected to be built out by the end of 2022 within the property’s immediate trade area, increasing the population by an estimated 143,325 people
» Average household income of $93,642 within a three-mile radius of the property

NEW 2019 CONSTRUCTION
» Features a dedicated drive-thru, providing additional customer convenience and boosting sales revenue
» New building, limiting near-term deferred maintenance or capital costs



Property Description

SOLD
The property is strategically located just past the signalized intersection of State Road 54 and Trinity Boulevard, with excellent visibility and access to 79,900 vehicles per day. The property is part of Trinity Lakes Crossing, a new retail development which will include notable tenants like Hampton Inn, ABC Fine Wine & Spirits, Express Oil Change, Burger King, Wawa, Trinity Car Wash, Achieva Credit Union, and more. Trinity Lakes Crossings has direct access to the Shoppes at Trinity Lakes, a Publix-anchored shopping center that also features Orangetheory Fitness, Moe’s Southwest Grill, Mathnasium, Hair Cuttery, Verizon, and Wendy’s. The property is also close to Mitchell Ranch Plaza, which has more than 40 stores and services, including Target, Ross, Marshalls, PetSmart, and Pier 1 Imports. Other major retailers located near the property include Walmart Supercenter, CVS, Anytime Fitness, Buffalo Wild Wings, and McDonald’s.

The area around the property is developing rapidly, with several commercial and residential projects underway near the site. The property is directly across from Starkey Ranch, a 2,500-acre community planned for over 5,000 homes, a 20-mile trail system, 150 acres of parks, a K-8 school, a public library, a community theater, a business park, and a commercial center. Another mixed-use community, Asturia, is located nearby. Once completed, Asturia will have 670 single family homes, 200 townhomes, 440 luxury apartments, and approximately 18 acres of retail, office, and commercial development. Between 2010 and 2018, the population within one mile of the property grew more than 137%, and more growth is predicted. The area is expected to have 22,575 new residential units by the end of 2019. In total, 47,775 residential units are expected to be built out by the end of 2022 within the property’s immediate trade area, increasing the population by an estimated 143,325 people. Additionally, the property is located in an affluent area, with an average household income of $93,642 within a three-mile radius.

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