The Palomar Group is pleased to present a brand new build to suit Starbucks with a 10 year lease and no termination clause. The property is an outparcel of the top performing Publix in the market and is located within one of the strongest household income and growth areas of the Augusta market. Recently ranked the #1 Best Place to Live in America by MONEY Magazine, Evans, Georgia boasted a 28% population growth between 2010 and 2020 and a local unemployment rate of 5.2% in June 2020, less than half the national average at the time.
This Starbucks is strategically located to be the first coffee shop on the AM side of the road leaving the Riverwood subdivision, which has a median home value of $295,000 and average household incomes of $142,000.
Tenant Starbucks is the largest coffee shop chain in the world.
THE DEAL POINTS
- Square Feet: 2,500 SF
- Asking Price: $2,330,000
- NOI: $120,000
- Asking Cap Rate: 5.15%
- Lease Term: 10 years
- 5.15% cap rate
- 10 year term, no termination clause
- 5% rent increase in year 6 and first option period
- 10% rent increase in final three option periods
- Four 5-Year options
- New construction
- NN lease, Landlord responsible for Roof and Structure 1
- Corporate lease, NASDAQ: SBUX
- Credit rating: Baa1 (Moody’s)