Destin, FL - Starbucks

Description:

• Starbucks recently signed a brand new 10-year lease with 6 (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 36,000 stores as of August 2023
• The lease features 10% rental increases every 5 years and at the beginning of each option

• Starbucks is strategically located at the hard corner intersection of US Hwy 98 & Mattie M Kelly Blvd averaging 56,000 VPD
• US Hwy 98 serves as Destin’s primary retail throughfare as they are several nearby shopping centers and national/credit retailers
• The Walmart 1.5 miles down the road from the subject property ranks in the top 98% of all Walmart locations nationwide via Placer.ai
• Destin Commons, also located on US Hwy 98, ranks in the top 88% of all lifsetyle centers nationwide via Placer.ai
• The national/credit tenant presence along US Hwy 98 includes Target, Hobby Lobby, Chick-fil-A, Publix, and more
• The Big Kahuna Water Park next door is ranked #11 in best things to do while visiting Destin according to US News & World Report
• Destin, located in the northernmost part of Florida on the Gulf of Mexico, is the most popular vacation spot on the Emerald Coast, drawing in an estimated 80% of all visitors. This explains why Destin is one of the most popular cities in the United States