Jacksonville (St. Johns), FL - Starbucks Coffee

Description:

• Starbucks recently signed a brand new 10-year lease with 4 (5-year) options to extend, demonstrating their long-term commitment to the site
• 2023 construction which 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 35,000 stores
• The lease features 10% rental increases every 5 years and at the beginning of each option, growing NOI and hedging against inflation
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities for roof, structure, and foundation
• Ideal, low-management investment for a passive investor in a state with no state income tax

• Starbucks is strategically located within Durbin Creek Crossing, a 70-acre mixed-use development project
• The development will include 10 freestanding outparcels that features tenants such as ALDI, Taco Bell, 7-Eleven, Tire Kingdom, ABC Liquor, First Florida Credit Union, and more: promoting strong tenant synergy for this asset
• DHI Communities (DR Horton Company) is in the process of constructing
a 350-unit multi-family community with Durbin Creek Crossing, creating a direct consumer base from which to draw
• The property also features nearby direct on/off ramp access to
Interstate 95 (165,000 VPD), a major commuter thoroughfare that connects the Jacksonville MSA
• More than 109,000 residents and 28,000 employees support the trade area
• Features an average household income of $152,548 within a 1-mile radius
• St. Johns County is the 10th fastest-growing county in the United States, with the population expected to grow by 15.9% between 2020 and 2025