New Smyrna Beach, FL - NSB Regional Center

Description:

• The center is currently 100% occupied and consists of two buildings - one being the recently constructed Starbucks out-parcel building
• Ollie’s Bargain Outlet and Beall’s Outlet anchor the site and account for 67% of GLA
• Beall’s has been a tenant at the center since 2012
• Ollie’s Bargain Outlet assumed a Big Lot’s lease in 2025, the lease is through January 2029
• Beall’s Outlet Stores signed a 5 year renewal in 2023, extending their lease through April 2028
• Other recent lease renewals include Firehouse Subs, which has been a tenant since 2014, and signed a 5 year renewal in 2024, extending their lease through March 2029
• All tenants have five year options to renew and the majority have scheduled rent increases
• Starbucks recently signed a brand new 10-year lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• The Starbucks was constructed in 2024 and features high-quality materials, high-level finishes, and distinct Starbucks design elements
• The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+), nationally recognized, and established firm with over 39,000 stores
• The Starbucks lease features 10% rental increases every 5 years and at the beginning of each option

• The subject property is a portion of the Publix anchored New Smyrna Beach (NSB) Regional Shopping Center (213,000+ SF)
• The Publix ranks in the top 82% (226 out of 1,321) of all nationwide locations according to placer.ai
• The property is strategically located just east of I-95 (78,000 VPD) and west of S Dixie Hwy (28,000 VPD), both major thoroughfares that connect South Florida to North Florida
• The site is ideally located at the signalized, hard corner of State Hwy 44, the major east-west thoroughfare through New Smyrna Beach, which averages 44,000 vehicles passing by daily
• The asset has good visibility from FL-44 with multiple points of ingress/egress
• The Starbucks site is equipped with a drive-thru, allowing for Starbucks to maximize efficiency and productivity at this location
• The property is across the street from the Coast Plaza Shopping Center, a 71,000 SF center anchored by Winn-Dixie
• Strong tenant synergy promotes crossover shopping to the subject property
• Other nearby national/credit tenants include Home Depot, Wawa, Chipotle, and Aldi
• There are multiple new developments near the subject site - see page 20 for details