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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”) offering located in Montgomery, Alabama. The property, set to deliver in July 2022, will be leased on a double-net lease structure that features ten years of primary term, 10% rental increases every five years, and four, 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.
The property is an outparcel to an 85th percentile Publix in the nation by annual visits, attracting more than 1 million shoppers annually (per Placer.ai). The Publix anchored shopping center has excellent visibility along Atlanta Highway with access to more than 30,000 VPD. Additional national retailers in the area include Subway, Little Cesar’s, Burger King, and Walgreens. The property benefits from the pro-business environment in Montgomery, which boasts the lowest property tax rate in the country, ensuring palatable NNN rents for retailers on a go-forward basis. In 2021, the county also saw 23 companies spend over $224 million in expansion plans and created 980 new jobs. Starbucks will greatly benefit from the increased foot-traffic as well as the population and income growth that result from these investments into the community.
License #: AL - 83353-0
PUBLIX ANCHORED OUTPARCEL
- The property is surrounded by national retail tenants and located in a shopping center featuring a Publix grocery store in the 85% percentile of Publix in the nation by visits
- This location has frontage to 30,000 VPD in the pro-business Montgomery county, which has one of the lowest property taxes in the nation.
NEWLY-CONSTRUCTED STARBUCKS DRIVE-THRU
- The Asset is a build-to-suit drive-thru Starbucks that is estimated to be open for business on July 29, 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, four, five-year renewal options, 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.