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Starbucks, DeFuniak Springs, FL

Starbucks

DeFuniak Springs, FL

Price $2,785,000
Cap Rate 4.40%
NOI $122,500
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 2,500 SF
Lot Size 1.15 AC (50,094 SF)
Status Available
Lead Broker Information 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

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

Investment Highlights

10-YEAR CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENTGRADE SINGLE-TENANT ASSET
» 10-year corporate net lease to Starbucks Corporation
» Below market rent for new build-to-suit Starbucks in Florida
» 10% fixed rental increases every five years, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 33,833 locations and $29.1 billion in annual revenue
» New 2022 construction with dedicated double drive-thru and patio seating for added customer convenience
» Located in an income tax-free state

HIGH-TRAFFIC LOCATION ALONG TWO MAJOR FLORIDA THOROUGHFARES
» Strategic location near the intersection of U.S. Route 331 and Interstate 10, the busiest intersection in DeFuniak Springs (42,657 AADT)
» Interstate 10 is the fourth-longest Interstate in the U.S., while U.S. Route 331 connects Florida to Alabama
» This will be the only Starbucks along Interstate 10 between Tallahassee and Crestview
» 36,897 residents live within a 15-mile radius, with a 25% population increase since 2010
» Projected population and income increase within 5-, 10-, and 15-mile radii over the next five years, poising Starbucks and DeFuniak Springs for steady concurrent growth

PRIME LOCATION NEAR MAJOR TRAFFIC AND BUSINESS DRIVERS
» One-half mile from the only Walmart Supercenter within 29 miles of the site, creating significant crossover shopping to the location
» Surrounded by a strong mix of local and national retailers, including Lowe’s Home Improvement, Winn-Dixie, Harbor Freight Tools, Tractor Supply Co., McDonald’s, Burger King, and many more
» Located immediately north of two large-scale, mixed-use development projects, Eagle’s Crossing (1,400 acres) and Bay Springs (288 acres)
» Common gateway to major South Florida tourist destinations, including Panama City Beach, Destin, and Pensacola


Property Description

» The property has a strategic location near the intersection of U.S. Route 331 and Interstate 10, the busiest intersection in DeFuniak Springs (42,657 AADT).
» The site will serve as the only Starbucks along Interstate 10 between Tallahassee and Crestview (currently a 150-mile gap).
» 36,897 residents live within a 15-mile radius, with a 25% population increase since 2010.
» This Starbucks is set one-half mile from the only Walmart Supercenter within 29 miles of the site, creating significant crossover shopping to the location.
» Immediately north of two large-scale, mixed-use development projects, Eagle’s Crossing (1,400 acres) and Bay Springs (288 acres).
» Projected population and income increase within 5-, 10-, and 15-mile radii over the next five years, poising Starbucks and DeFunkiak Springs for steady concurrent growth.
» The property serves as a common gateway to major South Florida tourist destinations, including Panama City Beach, Destin, and Pensacola.

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