Verona, VA - 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, freestanding Starbucks investment property located in Verona, Virginia. The tenant, Starbucks Corporation, recently signed a brand new 10-year lease term with
6 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 10% rental increase in at the beginning of year 6, as well as at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

The property is located adjacent to Laurel Hill Rd, which averages 15,000 vehicles passing by daily and is a major retail thoroughfare serving the city of Verona. 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. Additionally, the site is positioned just west of Interstate 81 (63,000 VPD), a major commuter freeway connecting the east coast and the southeast. Furthermore, Starbucks is positioned as an outparcel to Factory Antique Mall, a 170,000 square foot shopping mall anchored by Sundown Liquidations. Moreover, the property is located adjacent to Augusta Plaza, a 51,000 square foot shopping center anchored by Food Lion. The site benefits from limited competition, with Starbucks being one of only two coffee shops in a 5-mile radius. The property also has brand new 2024 construction featuring high quality materials. The 5-mile local trade area is supported by a population of over 21,200 with an average household income of $97,819.