Starbucks & F45 Fitness
Alpharetta, Georgia
| Price | $4,918,000 |
| Cap Rate | 4.75% |
| NOI | $233,598 |
| Lease Term | 10 Years |
| Lease Type | Net Lease |
| Rental Increases | Various |
| Year Built | 2021 |
| Building Size | 5,619 SF |
| Lot Size | 0.91 Acres (39,640 SF) |
| Status | Available |
| Lead Broker Information | 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 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 KC Patterson Brokerage (916) 847-5627 kc.patterson@cushwake.com CA RE License #02034317 |
Investment Highlights
100% LEASED MULTI-TENANT ASSET WITH SCHEDULED RENT INCREASES
» 100% leased multi-tenant asset leased to Starbucks and F45 Fitness
» 10-year leases to both tenants
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 33,295 locations and $23.52 billion in annual revenue
» Starbucks is rated “BBB+” by S&P
» F45 Fitness (NYSE: “FXLV”) is the only class-based franchise company in the top-40 fastest growing franchises in the world
POPULOUS, HIGH-INCOME, LOCATION IN DENSE RETAIL CORRIDOR
» Located along Haynes Bridge Road (24,980 AADT) with beneficial proximity to Old Milton Parkway (43,740 AADT)
» Georgia State Route 400 is located less than one mile from the property, providing access to 157,000 vehicles per day
» Proximity to several large shopping centers and immediately surrounded by a strong mix of local and national tenants such as Costco Wholesale, Walmart Supercenter, Sam’s Club, Target, Kroger, Macy’s, The Home Depot, and many more
» Population of 199,230 within a five-mile radius (19 percent increase since 2010)
» Average annual household income of $146,612 within five miles and projected to increase 12 percent by 2026
CENTRAL LOCATION NEAR LARGE HOSPITALS, SCHOOLS AND COMMUNITY HUBS
» Two miles from Wellstar North Fulton Hospital (202 beds)
» Near several large schools including, Elkins Pointe Middle School (1,068 students) and Innovation Academy (900 students)
» Situated near area attractions including, Ameris Bank Amphitheatre (12,000 seat entertainment destination) and Sky Zone Trampoline Park (1,000 guests per day on average)
» 26 miles from Downtown Atlanta (498,715 residents), the most populous city in Georgia
NEW 2021 CONSTRUCTION IN PRIME ATLANTA MSA MARKET
» High-quality construction featuring the latest store designs and concepts
» New building, limiting near-term deferred maintenance and capital costs
» Starbucks includes a drive-thru for added customer convenience
» Alpharetta is one of only 221 cities nationwide to earn a AAA bond rating from Moody’s investors service
Property Description
The property is prominently located along Haynes Bridge Road with visibility and access to 24,980 vehicles per day. The site maintains beneficial proximity to Old Milton Parkway (43,740 AADT) and Georgia State Route 400 (157,000 AADT), the main area thoroughfare linking the city of Atlanta to its north-central suburbs. The location is 26 miles from Downtown Atlanta (498,715 residents), the most populous city in Georgia. The property is in a densely populated and growing community with 199,230 residents living within a five-mile radius of the site (a 19 percent increase since 2010). Additionally, the surrounding area is affluent, with an average annual household income of $146,612 within five miles and projected to increase 12 percent by 2026.
The property is centrally located in a dense retail corridor, with multiple shopping centers located near the location. The site is immediately surrounded by a strong mix of local and national tenants such as Costco Wholesale, Walmart Supercenter, Sam’s Club, Target, Kroger, Macy’s, The Home Depot, and many more. The property is situated near area attractions including Ameris Bank Amphitheatre (12,000 seat entertainment destination) and Sky Zone Trampoline Park (1,000 guests per day on average). The site benefits from its proximity to several public and private schools, including Elkins Pointe Middle School (1,068 students) and Innovation Academy (900 students). The property is also just two miles from Wellstar North Fulton Hospital (202 beds), greatly increasing traffic in the immediate area.
