Retail

Starbucks - Mobile, AL (The Shoppes at Bel-Air)

3255 Airport Blvd Mobile, Alabama United States 36606-3201
Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Attributes

Year Built 2006
Building Area
Land Area ()

Property Description

JLL is pleased to exclusively offer the opportunity to acquire a partial fee simple and partial leasehold interest in the single tenant property leased to Starbucks (the “Property”) in Mobile, AL. Starbucks commenced their corporate 20-year, net lease in June 2006 and now has 5.5 years of remaining lease term. In addition to zero landlord responsibilities, the lease features attractive, 10% rental increases every five years, inclusive of the five (5), five (5) year options that remain. The current mall owner will continue to pay the rent on the existing ground lease which runs with a portion of the mall property. The NNN lease structure creates a true passive investment. Starbucks has remained open with their drive-thru feature, which has helped maintain consumer spending throughout the pandemic. 


Starbucks benefits from excellent visibility along Airport Boulevard (CR 56), a major thoroughfare which boasts 28,000 VPD. Additionally, it has tremendous accessibility, as it sits a half mile from Exit 3 of I-65, which is home to over 102,000 VPD. Other nationally recognized retailers with locations along Airport Boulevard (CR 56) or in the surrounding area include Walmart Supercenter, Lowe’s, Sam’s Club, Burlington, Belk, Michaels, Big Lots, Chick-fil-A, McDonald’s, Wendy’s, Burger King and Firestone, among others. The average U.S. Starbucks store achieves sales of $1.45M, which ranks 1st among QSR Magazine’s snack category. Starbucks is the #2 top-grossing fast-food chain in America. With over $21.5 billion in U.S. systemwide sales, Starbucks nearly doubled their closest fast-food competitor, which was Chick-fil-A with $11 billion (QSR Magazine).


Starbucks, founded in 1971 in Washington, is the premier roaster and retailer of specialty coffee in the world. The company sells rich-brewed coffees, Italian-style espresso beverages, cold blended beverages, premium teas and more. Starbucks currently operates over 32,6600 locations across 80 markets and employs 346,000 people worldwide. Starbucks is ranked #114 on the 2020 Fortune 500 list and maintains a BBB+ investment grade credit rating (S&P). Starbucks had net revenues of $23.5 billion for their full year fiscal 2020.


Investment Highlights

  • Starbucks is operating on a 20-year corporate Lease with 5.5 years of term remaining and attractive 10% rental increases every 5 years, which will continue throughout the primary term and option periods. Starbucks contains an investment grade credit rating of BBB+ (S&P).
  • Starbucks benefits from excellent visibility along Airport Boulevard (CR 56), a major thoroughfare which boasts 28,000 VPD. Additionally, it has tremendous accessibility, as it sits a half mile from Exit 3 of I-65, which is home to over 102,000 VPD.
  • Starbucks is the #2 top-grossing fast-food chain in America. Starbucks, with over $21.5 billion in U.S. systemwide sales, nearly doubled their closest fast-food competitor, which was Chick-fil-A with $11 billion (QSR Magazine).
  • The average U.S. Starbucks store achieves sales of $1.45M, which ranks 1st among QSR Magazine’s snack category and had net revenues of $23.5 billion for their full year fiscal 2020. 
  • Other nationally recognized retailers with locations along Airport Boulevard (CR 56) or in the surrounding area include Walmart Supercenter, Lowe’s, Sam’s Club, Burlington, Belk, Michaels, Big Lots, Chick-fil-A, Starbucks, Wendy’s, Burger King and Firestone among others. 


Last Updated Date: 22 Dec 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

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Last Updated Date: 22 Dec 2020

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