SBUX - Otsego_Property for Sale
SBUX - Otsego_Property for Sale
NE Corner of 88th St and Parrish Ave NE, Otsego, MN, 55330, US

SBUX - Otsego

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in a newly developed Starbucks (the “Property”) located at the northeast corner of Parrish Ave NE and 88th St in Otsego, Minnesota. This single tenant net lease asset is 100% occupied by Starbucks, and the 10-year lease, which includes built-in rent escalations every 5 years, is signed directly with Starbucks corporate. The 1,693 SF building is new construction and sits on 0.68 acres of land.


Starbucks (NASDAQ: SBUX) is a global leader in the retail coffee industry, renowned for its premium beverages and inviting store experience. With a strong presence in over 80 markets worldwide, Starbucks operates more than 31,000 stores across the globe. With over $32 Billion in revenue in 2022 and an investment-grade credit rating, Starbucks is the gold standard for quick service retail.


The property is ideally situated on the hard corner of Parrish Ave and 88th St, benefiting from a clear, unobstructed view from both roadways. The site is also located directly adjacent to a Target and a newly developed Coborn's Grocery. The immediate area is experiencing rapid development with Parkview Grand Apartments and Parrish Meadows Townhomes being completed in the last two years. Within a three-mile radius, average household income approximately equal to the national average and has grown at a solid pace over the last five years. With a relatively highly educated and young population, the surrounding area is primed for continued growth, as evidenced by steady population growth over the last five years.


Please see OM for more information.

...

Attributes

Asking price
€2,569,000
Cap rate
6%
Building area gross
163 m²
Land area gross
0.28 ha
Occupancy
100%
WAULT
10 years
Year built
2024

Media

Investment Highlights

NEW CONSTRUCTION DRIVE-THRU STARBUCKS WITH 10 YEAR NNN LEASE

• Starbucks signed a 10 year net lease, which does not include a termination option and leaves minimal responsibilities for the Landlord

• The lease includes four options and built-in rent escalations every 5 years

• The building is brand new construction with high- quality materials and distinct design elements


CORPORATE LEASE WITH CREDIT TENANT

• The lease is directly with Starbucks Corporation

• Starbucks is publicly traded and boasts an investment- grade credit rating

• With over 31,000 locations worldwide and over $32 billion in revenue in 2022, Starbucks is considered the gold-standard for coffee tenants


MAJOR TRAFFIC DRIVERS AND NEW DEVELOPMENT

• The property is situated directly adjacent to a Target and a newly developed Coborn's Grocery

• The immediate area is also experiencing rapid development with Parkview Grand Apartments and Parrish Meadows Townhomes being completed in the last two years


HIGHLY VISIBLE CORNER AND SITUATED NEAR MAJOR ROADWAY

• The property benefits from a clear, unobstructed view from Parrish Ave and 88th St

• The property is also less than half a mile from MN-101, an arterial roadway that carries 52,000 VPD

SBUX - Otsego 4_Property for Sale

Contact brokers

SBUX - Otsego (0 Properties)

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
16 May 2024