SOLD – Starbucks Riverwood

THE OPPORTUNITY

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 HIGHLIGHTS

• ​$2,330,000
• ​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)