Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire the fee-simple interest in a Starbucks (the “Property” or “Asset”) located at Shops at Beacon Lakes as an outparcel to the Shops at Beacon Lakes retail center in Doral, FL. Starbucks executed a brand-new NN 10-year lease and opened this location on August 11th, 2023. The lease features 10.0% rent bumps every 5-years in the base term and options. Following the 10-year in-place lease term, there are six (6) 5-year extension options.
The Property benefits from the presence of 2,600+ trade and logistics related companies in the area, including IKEA, Top Golf, Carvana, Chili’s, Chipotle, and AT&T. The Property is located northwest of Downtown Miami in Doral, where there has been tremendous development due to the installation of a Brightline stop. The Brightline is a speed train that connects Palm Beach County, Broward County, and Miami-Dade County to each other.
The Asset is located within a dense retail corridor along Northwest 117th Place and Northwest 20th Street directly off the Ronald Reagan Turnpike (172,000+ VPD). The Asset is surrounded by favorable demographics with an average household income of over $107,000 and over 100,000 homes within a 1-mile and 5 –mile radius of the Property, respectively. The Property is across the street from Dolphin Mall, home to over 200 national retailers. This mall brings in over 11 million visitors yearly and earns over $93 million in revenue. It is proximate to two major universities: University of Miami and Florida International University, which has been recognized as the #1 public university in Florida by the Florida Board of Governors, performance-based funding metrics.
10 Years of Lease Term Remaining
NN Lease - Minimal Landlord responsibilities - Roof & Structure
Miami MSA - proximate to largest mall in Miami and 2 major universities
315,000+ Residents within a 5-mile radius
10% annual rent bumps every 5 years
Brand new construction drive-thru service
Situated along Ronald Reagan Turnpike (172,000) VPD