Deltona, FL - Starbucks

Description:

• Brand new 10-year lease with 6 (5-year) options to extend
• The lease features 10% rental increases every 5 years and at the beginning of each option, growing NOI and hedging against inflation
• The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+), nationally recognized firm with over 36,000 stores as of August 2023
• The asset features 2023 construction with high-quality materials, high-level finishes, and distinct Starbucks design elements built to last
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities to roof, structure and foundation
• Ideal, low-management investment for a passive investor in a state with no state income tax

• Starbucks fronts the signalized intersection of Howland Boulevard and State Highway 472, collectively generating more than 47,300 VPD
• The asset will benefit from the presence of Interstate 4 which generates approximately 93,000 VPD on average
• The subject property will benefit from having multiple points of access, cross access with the neighboring Burger King and being drive-thru equipped
• National credit tenants in the immediate trade area include; Wawa, McDonald’s, Burger King, Dollar General, Wendy’s, O’Reilly Auto Parts, an Amazon Distribution Center and many others
• Deltona Village is an approved 140 acre mixed-use development that
will include 600+ new apartments, 50k square feet of light industrial/manufacturing, 25 acre Amazon Distribution Center expansion (1.4M SF to date), grocery-anchored retail development, hotel development and more
• Starbucks will also benefit from Deltona High School which fronts Howland Blvd and has more than 1,700 students enrolled
• Halifax Health Center is know as the medical center of Deltona, positioned behind the newly developed Wawa across the street, it provides 96 beds in private rooms, six operating suites pre-and post-op spaces, imaging center, ICU patients rooms and more