Starbucks – KAY Jewelers

Tenant

Starbucks - KAY Jewelers

Location

Pace, FL

Price

$2,935,000

CAP Rate

6.0%

NOI

$176,000

Lease Term

10 Years

Occupancy

100%

Building Size

4,975 SF

Property Type

Multi-Tenant

Year Built

2018

Lot Size

2.5 Acres

Status

Under Contract

Property Contacts:

Karly Iacono

Associate Director

201-742-6119 | Email

  • Corporately Guaranteed Leases
  • NN+ 10 Year Lease Terms Plus Options
  • Attractive Rent Increases Every 5 Years
  • Over 35K VPD
  • Starbucks Has a Drive Through
  • Brand New Construction
  • Stable and Growing Market with a Strong Tourism Industry
  • Transferable Roof Warranty and Limited Landlord Responsibilities

Marcus & Millichap is pleased to exclusively present for sale a new construction Starbucks and Kay Jewelers in Pace, FL. Both tenants are under new 10 year corporately guaranteed NN+ leases with rent increases every five years throughout the base term and options. Starbucks has an Investment Grade A- credit rating from S&P and is considered one of the most stable tenants in the industry. Signet, the parent company of Kay Jewelers, has over $6 Billion in annual sales and is publically traded.

The subject property is in the Pensacola FL MSA and is less than five minutes from the coast’s beautiful white sand beaches. Located on Highway 90, the main retail corridor,  the subject property boasts strong surrounding tenants including The Home Depot, Walmart, Publix, Target, Game Stop, Panera Bread, Ruby Tuesday, Office Depot, Panda Express and many more!

This is a unique opportunity to acquire a prime Florida asset with the ideal mix of return, rent growth and long term stability.