This property has sold.
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
SOLD – 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
This property has sold.