RARE 20-YR LEASE | TROPHY FREEWAY LOCATION
4,236 SF | Retail Building | San Diego, CA 92126 | $6,266,669 ($1,479/SF) | 3.75% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $6,266,669
- Property Type
-
Retail, Restaurant
- Square Feet
- 4,236 SF
- Price / Square Foot
- $1,479
Listing Contacts
Blake Tagmyer
Verified Profile
- Property Info
Property Overview
The subject property is a 2,200 sf Starbucks featuring a dedicated drive-thru and patio seating located in central san diego’s bustling Miramar neighborhood. The heavily trafficked 15 freeway and Miramar road provide exposure to a combined traffic count of over 342,000 cars per day
Starbucks Corporation signed a highly rare and sought after 20-year absolute NNN ground lease, which commenced on October 8th, 2023. The lease features extremely attractive 10% rent increases every 5 years throughout the primary term, as well as every five years between each of the two, ten-year renewal options. Starbucks, which is publicly traded on the New York Stock Exchange under the ticker symbol “SBUX”, has a current “BBB+” credit rating from Standard & Poor’s and boasted annual revenues in excess of $32.9 billion in 2022.
Starbucks Corporation signed a highly rare and sought after 20-year absolute NNN ground lease, which commenced on October 8th, 2023. The lease features extremely attractive 10% rent increases every 5 years throughout the primary term, as well as every five years between each of the two, ten-year renewal options. Starbucks, which is publicly traded on the New York Stock Exchange under the ticker symbol “SBUX”, has a current “BBB+” credit rating from Standard & Poor’s and boasted annual revenues in excess of $32.9 billion in 2022.
Property Details
- Class
- B
- Year Built
- 1978
- Stories
- 1
- Lot Size (sq. ft)
- 34,412 SF
Highlights
- Trophy Freeway Location
- Signalized Location Along Area’s Main Retail and Traffic Corridor
- Two Highly Visible Pylon Signs
- Irreplaceable Infill location
- Ideally Located Next to the Miramar Marine Corp Air Station (MCAS)
- Close Proximity to Mira Mesa Marketplace
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