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Starbucks-Anchored Center, Destin, FL

Starbucks-Anchored Center

Destin, FL

Price $5,696,000
Cap Rate 5.65%
NOI $321,800
Lease Term Various
Lease Type NNN
Rental Increases Various
Year Built 2018
Building Size 9.170 SF
Lot Size 1.52 Acres (66,153 SF)
Status Available
Lead Broker Information 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

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

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker SVN | Southland Commercial Real Estate.

Investment Highlights

100% LEASED TWO-TENANT RETAIL CENTER
» New-long term leases to corporate tenants with strong financials
» Starbucks has scheduled rental increases in primary term and no early termination clause

HIGH-TRAFFIC LOCATION IN DESTIN’S PRIMARY RETAIL CORRIDOR
» Excellent visibility and access to 54,000 vehicles per day at the signalized intersection of U.S. Highway 98 and Matthew Boulevard
» U.S. Highway 98 serves as the main route along Florida’s Emerald Coast and connects Destin to downtown Pensacola
» Within walking distance of Destin Commons, a premier open-air lifestyle center tenanted by Lowe’s, Whole Foods, Bass Pro Shops, Belk, H&M, AMC Theaters, and more
» Surrounded by notable national tenants, including Publix, Ross, Walgreens, Old Navy, Home Depot, Walmart Supercenter, Best Buy, PetSmart, Office Depot, The Fresh Market, and many others

POPULAR TOURIST DESTINATION WITH WEALTHY CUSTOMER BASE
» High average household incomes—$121,215 within a one-mile radius, $114,055 within a three-mile radius, and $102,702 within a five-mile radius
» Close to luxury residential developments and popular tourist attractions and recreational areas, including several golf courses and Henderson Beach State Park
» The population within one mile of the property increased by 62.33% between 2010 and 2017
» Prime location on Florida’s Emerald Coast, visited by approximately 4.5 million people per year

NEW 2018 CONSTRUCTION
» New building, limiting near-term deferred maintenance or capital costs
» Features dedicated Starbucks drive-thru, providing additional customer convenience and boosting sales revenue

Click Here to Download Offering Memorandum


Property Description

The property is strategically located at the signalized hard corner of U.S. Highway 98 and Matthew Boulevard, with excellent visibility and access to over 54,000 vehicles per day. U.S. Highway 98 serves as the main route along Florida’s Emerald Coast and connects Destin to downtown Pensacola. Located in a dense retail corridor, the property is surrounded by major national retailers and large shopping centers. The property is adjacent to Paradise Key at Kelly Plantation, which features Ross, Stein Mart, Publix, Bed Bath & Beyond, and several other notable tenants. The property is also located within walking distance of Destin Commons, a premier open-air lifestyle center tenanted by Bass Pro Shops, Belk, H&M, Charming Charlie, Express, AMC Theaters, and more. Other notable tenants near the property include Home Depot, Walmart Supercenter, Lowe’s, Barnes & Noble, Best Buy, PetSmart, Office Depot, Ulta, The Fresh Market, and many others.

The property is close to downtown Destin and popular tourist attractions and recreational areas, including several golf courses and Henderson Beach State Park. Residential communities in the nearby area have grown significantly in recent years; the population within one mile of the property increased by 62.33% between 2010 and 2017. By 2022, the population around the property is expected to increase an additional 12%. Several residential developments are underway near the property, including the next phase of The Henderson, a multi-phase resort complex with residential lofts and two hotels. Additionally, the property benefits from a wealthy customer base, with average household incomes greatly exceeding $100,000 within one-, three-, and five-mile radii.

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