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Asking Price
NOI Net Operating Income
Cap Rate

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Attributes

Lease Type NN
Lease Expiration 2027-02-28
Remaining Term 6 years, 7 months
Tenant Starbucks Corporation
Building Area
Land Area
Last Updated Date 26 Jun 2020

Property Description

Jones Lang LaSalle Americas, Inc. is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Starbucks (the “Property”) in Destin, FL – one the most sought-after fishing destinations in the country. Starbucks, an investment grade tenant (BBB+; S&P), has been operating at this location in since 2007 and executed a lease extension in 2017, demonstrating a commitment to the location. Starbucks now has about 6.5 years of remaining term on its lease with attractive, 10% rental increases every five years, inclusive of the five (5), five (5) year options that remain.


Starbucks is situated at the corner of the fully signalized intersection of Emerald Coast Parkway West (US Highway 98) and Scenic Gulf Drive. US Highway 98 is the major thoroughfare in the area that boasts roughly 52,000 VPD. The highway also serves as the main retail trade area. Behind the premises sits the Silver Sands Premium Outlets, which is the premier shopping destination in the area. The outdoor shopping mall is home to over 100 designer and name-brand outlet stores like Tory Burch, Coach, Nike and more. In addition, nationally recognized retailers such as Winn Dixie, CVS Pharmacy and Chick-fil-A, are across the street, increasing consumer traffic in the area.

Investment Highlights

  • Starbucks has been operating at this location since 2007 and executed a lease extension in 2017, showing a commitment to the area. There are now roughly 6.5 years remaining on the lease with attractive, 10% rental increases every 5 years, inclusive of the five (5), five (5) year options in place.
  • Starbucks boasts an investment grade credit rating of BBB+ (S&P) and has remained operational during this COVID-19 pandemic. Currently, the drive-thru feature is open at this location, and the outdoor patio has been made available for mobile pick-up orders.
  • The Property is situated at the corner of the fully signalized intersection of Emerald Coast Parkway West (US Highway 98) and Scenic Gulf Drive. US Highway 98 is a major thoroughfare in the area that boasts roughly 52,000 VPD.
  • The Property is an outparcel to the Silver Sands Premium Outlets – the premier shopping destination along Northwest Florida’s Emerald Coast. The outdoor shopping mall is home to 110 designer and name-brand outlet stores such as Tory Burch, Coach, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Nike and more. 
  • Miramar Beach is less than a mile from the premises and was named a Top 11 Small-Town Destination in Florida, according to FloridaRentals.com.


Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

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