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Plant City, FL Starbucks

$3,020,000
2400 James L Redman Pkwy
Lease Type NN
Cap Rate 5.00%
Property Type Freestanding Building
Building Size 2,500 SF
NOI $151,000
Land Area 0.90 AC
Remaining Term 10 years (No Kickout)
Property Highlights
  • Newly constructed free standing Starbucks with drive-thru
  • For U.S. stores that have remained open during COVID-19, same-store sales are down only 25%, and 80% of Starbucks sales prior to COVID-19 were made up of drive-thru and to-go orders
  • Corporate guarantee from investment grade tenant: S&P BBB+
  • High profile, signalized corner location at the primary intersection in the trade area
  • Shared intersection with daily needs and destination retailers including: Walmart, Publix, Ross, Marshalls, Ulta and Lowe’s
  • Scheduled 10% rent increases provide hedge against inflation
  • Fee simple ownership of land and building allows for depreciation
  • Plant City is part of the second largest MSA in Florida (Tampa-St. Petersburg-Clearwater) and is strategically located between Tampa and Orlando along Interstate 4
  • 51,000 people moved to the Tampa area in 2018 making it the 9th fastest growing MSA in the U.S.