Corinth, MS - Starbucks

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, corporate signed, investment grade (S&P: BBB+) Starbucks investment property located in Corinth, Mississippi. The tenant, Starbucks, has over 13 years remaining on their current lease with 6 (5-year) options to extend, demonstrating their commitment to the site. Starbucks exercised a five year option early to make the original term length 15 years instead of the more common 10 year term. The lease features a 10% rental increase in March 2028 and 10% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with landlord responsibilities to roof, structure, and parking lot. The newly-constructed building features a state-of-the-art design with high-quality materials. Since 1971, Starbucks Coffee Company has been committed to roasting high-quality arabica coffee. Today, with more than 38,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world.

The Starbucks is located strategically along U.S. Hwy 72 with a combined (24,000 VPD). U.S. Hwy 72 is the major retail thoroughfare serving the city of Corinth. The site is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including Walmart Supercenter, Aldi, Walgreens, Kroger, Dollar Tree, O’Reilly Auto Parts, Dollar General, Advance Auto Parts, Hobby Lobby, Marshalls, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 20,000 residents and 13,000 employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius of the subject property have an average household income of $66,752.