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Asking Price: $1,150,000

Square Feet: 1,976 SF

Asking Cap Rate: 5.75%

Year Built: 2012

NOI: $66,000

Lease Structure: Absolute NNN

Starbucks

2448 West Thomas Street, Hammond, LA

THE ASSET

  • NNN Starbucks investment opportunity
  • Eleven years of operating history at the location
  • Ten-year renewal agreed to by Starbucks in 2023
  • Starbucks Corporate guaranteeing the lease
  • Starbucks Credit Rating: Baa+ by S&P Credit
  • Outparcel to market dominant Winn-Dixie/ Ross anchored shopping center
  • 15% rent escalation in 2028
  • Four 5-year options
  • 15% Rent Escalation in each option
  • Starbucks has Five 5-Year options remaining

 

THE FUNDAMENTALS

  • Asset is centrally located in the heart of the Hammond market
  • Dense retail corridor with Walmart, Albertsons, Hobby Lobby, and Lowes located in the submarket
  • The overall market has a low probability of new retail development
  • Great visibility and access from Ronald Reagan Hwy with traffic counts at 28,426 per day
  • The “U” shape configuration of the center creates an easy flow of traffic throughout the property
  • Consistent population growth in the market of 1% over the next five years

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