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Starbucks, Vero Beach, FL

Starbucks

FL, United States

Price $2,017,800
Cap Rate
NOI
Lease Term 10 Years
Lease Type
Rental Increases 8% Rental Increase in 2021 and 10% Rental Increases in Each Option Period
Year Built 2006
Building Size 1,800 SF
Lot Size 0.3 Acres (13,068 SF)
Status Sold
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE, SINGLE TENANT ASSET
» Leased to and guaranteed by Starbucks Corporation, rated “A-” by S&P and “A2” by Moody’s
» Recent 10-year lease extension with no early termination option, demonstrating long-term commitment to the location
» Scheduled rental increases, providing a hedge against inflation
» Long-standing tenancy since 2006

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Located at signalized hard corner, with excellent access and visibility to 44,013 vehicles per day
» Outparcel to large shopping center featuring major national tenants, including Publix, Stein Mart, Planet Fitness, Tuesday Morning, and Chase Bank
» Located in dense retail corridor, surrounded by several shopping centers and notable retailers

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» Within walking distance of Vero Beach High School, the largest high school in Indian River County, with 2,802 students
» Close proximity to 335-bed Indian River Medical Center, the largest private sector employer in the region, with 1,753 employees
» Near downtown Vero Beach and the headquarters of Piper Aircraft, Inc.

AFFLUENT LOCATION WITH STRONG DEMOGRAPHICS
» Indian River County is the seventh wealthiest county in Florida, and was the 87th richest county in the U.S. by per capita income in 2000
» 83,369 residents within a five-mile radius, with an average household income of $70,710

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is outparcel to 12th Street Plaza, conveniently located at the signalized hard corner of 12th Street and U.S. Highway 1, with excellent visibility and access to 44,013 vehicles per day. 12th Street Plaza is tenanted by major national retailers, including Publix, Stein Mart, Planet Fitness, and Tuesday Morning. The property is located in a dense retail corridor and is surrounded by multiple shopping centers and notable retailers, including Walgreens, CVS, Walmart Neighborhood Market, Kmart, Goodwill, Staples, and several car dealerships. Additionally, Indian River Mall and Indian River Commons are located a few miles northwest of the property. The mall and adjacent shopping center feature over 1.4 million square feet of retail space and are anchored by well-known retailers, including Lowe’s, Macy’s, Best Buy, JCPenney, and Dillard’s.

The property’s central location provides a large customer base for Starbucks. The property is just one mile from downtown Vero Beach, Vero Beach’s central business district. Additionally, Vero Beach High School is less than a mile from the property. Vero Beach High School is the largest high school in Indian River County, with an enrollment of 2,802 students. Vero Beach Regional Airport is also nearby. The airport is home to the headquarters of Piper Aircraft, Inc., one of the largest employers in Indian River County. Across from the airport is the 335-bed Indian River Medical Center, the largest private sector employer in Indian River County, with 1,753 employees.

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