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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present for sale a brand-new construction single-tenant Starbucks (the “Property” or “Asset”) located in St. Augustine, Florida. The property, set to deliver in September 2022, will be leased on a net lease structure that features ten years of primary term, 10% rental increases every five years, and six, five-year renewal options. The Property offers a rare opportunity to acquire a secure cash flow that is backed by Starbucks Corporation (“Starbucks”), the largest specialty coffee retailer in the world.
With excellent visibility and frontage along International Golf Parkway (22,500 VPD) and State Road 16 (19,400 VPD), this property benefits from being on the hard corner of a highly trafficked retail area. The Publix in the adjacent shopping center is in the 95th percentile of Publix in the nation by visits, attracting 1.2 million shoppers annually per Placer.ai. The Asset sits in a newly constructed, Publix-anchored center that features national tenants. The surrounding community has had population growth of 58.7% over the last 10 years and an average household income of $119,454 within a 3-mile radius. This created the need for a middle school expansion and a new high school, which are both directly across the street from the Property. This corridor has become the go-to site for the 3,000 students enrolled in these schools as well as travelers from Jacksonville who are drawn to the five championship golf courses in the area, including the World Golf Village resort.
PUBLIX ANCHORED OUTPARCEL
- The property is surrounded by national retail tenants and adjacent to a shopping center featuring a Publix grocery store in the 95% percentile of Publix in the nation by visits, bringing 1.2 million shoppers annually per Placer.ai.
PROXIMITY TO WORLD GOLF VILLAGE AND EXCELLENT DEMOGRAPHICS
- The Asset is set immediately proximate to the World Golf Village. The 6,300-acre golf resort and residential community is home to the World Golf Hall of Fame, PGA Tour Products Headquarters, the first-ever PGA Golf Academy and two world-class golf courses.
- The area has a population growth of 58.7% over the last 10 years and an average household income of $119,454 within a 3-mile radius
- The Property is located across the street from two schools with a total of 3,000 students enrolled
NEWLY-CONSTRUCTED STARBUCKS DRIVE-THRU
- The Asset is a build-to-suit drive-thru Starbucks that is estimated to be open for business in September 2022. This drive-thru location is part of Starbucks’ future retail strategy, which includes an aggressive expansion of drive-thru store formats to meet the growing customer demand for convenience.
INDUSTRY-LEADING, CORPORATE TENANCY WITH FAVORABLE LEASE ECONOMICS
- The Property is leased to Starbucks with ten years of primary lease term, 10% rental escalations, six, five-year renewal options, no kick-out clause and minimal landlord obligations.
- Starbucks is the world’s largest specialty coffee retailer with over 34,630 locations, $29.1B in annual revenue, and an investment grade ‘BBB+’ credit rating from S&P.