Havelock, NC - Starbucks

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, drive-thru equipped, corporate signed, freestanding Starbucks investment property located in Havelock, North Carolina. The tenant, Starbucks Corporation (NASDAQ: SBUX | S&P: BBB+) has over 9 years remaining on their current lease term with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features a flat base term, with 10% increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

The property is located along U.S. Hwy 70 W, a major retail thoroughfare serving the city of Havelock, which averages 30,000 vehicles passing by daily. The asset is complete with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The asset serves as an outparcel to a Planet Fitness anchored center, a 132,000 square foot shopping center that helps draw consumers into the trade area. In addition, Starbucks is located just south of a Walmart Supercenter, a major national retailer that is beneficial for crossover consumer traffic. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Dollar Tree, CVS Pharmacy, AutoZone Auto Parts, and more, further increasing consumer traffic to the site. Strong tenant synergy promotes crossover shopping to the subject property. The 10-mile local trade area is supported by a population of over 43,800 with an average household income of $80,981.