Elizabeth City, NC - Starbucks

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, drive-thru equipped, corporate signed, Starbucks investment property located in Elizabeth City, NC. The tenant, Starbucks Corporation, recently signed a brand new 10-year lease with an additional 6 (5-year) option periods to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation. The lease is signed by the corporate entity (NASDAQ: SBUX | S&P: BBB+) and is NN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Founded in 1971, Starbucks is the premier roaster and retailer of specialty coffee with over 40,000 operating locations worldwide.

Starbucks is strategically located along Ehringhaus Street with clear visibility and access to an average of 22,000 vehicles passing by daily. The property also benefits from nearby access onto State Highway 344 (22,300 VPD), U.S. Highway 158 (17,800 VPD), and U.S. Highway 17 (22,000 VPD), making it a centralized location with easy commutes. Starbucks is ideally situated as an outparcel to Southgate Mall, a 220K+ Community Center anchored by Belk. The additional surrounding shopping centers include Port Elizabeth Center (342K+ SF), Tanglewood Pavilions (156K+ SF), Shoppes at Tanglewood (281K+ SF), and others. The strong nearby tenants consist of Roses, Walmart Supercenter, Lowe’s, ALDI, Food Lion, Chipotle, TJ Maxx, Tractor Supply Co., and others. The strong tenant presence drives a steady stream of loyal, local consumers to the trade area, promoting crossover exposure and contributing to the local economy. Furthermore, the property is near numerous single-family communities and multi-family complexes including Morgan Pointe (120 units), Southgate Manor (146 units), Woodstock Apartments (206 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 30,900 residents and 17,400 daytime employees, with a healthy average household income of $83,954.