Starbucks: Riverview, FL

The CBRE Net Lease Property Group is pleased to offer for sale the 2,500-square-foot freestanding Starbucks (S&P: BBB+) situated on 1.06 acres in Riverview, Florida—a component of the Tampa MSA (MSA Population: 3.29M+). Currently under construction, Starbucks’ brand-new net lease is expected to commence in June 2024 and will feature 10 years of primary term with 10% rent increases in year 6 and in each of the six 5-year renewal options.
Located roughly 8 miles from downtown Riverview and 22 miles from Tampa, the site benefits from excellent access and visibility at the signalized intersection of U.S. Highway 301 (14,200 VPD), Balm Road (15,200 VPD) and Paseo Al Mar Boulevard. The site is roughly 3 miles southeast of the on-ramp to I-75 (137,000 VPD), which provides access to downtown Tampa, Ocala, Gainesville, and Lake City. Starbucks is part of the upcoming Sumner Crossing shopping center, which will be home to Starbucks, Lockhart Storage, Express Oil, Circle K Car Wash and a 5,300 SF retail strip. Sumner Crossing is adjacent to the $75M Sumner High School (3,500+ students), which opened in 2020 and drives significant traffic to the immediate area. Additionally, Starbucks is diagonally across from the 63,365-square-foot Belmont Shopping Center. Completed in 2020, the new development is anchored by Publix and is further tenanted by Domino's Pizza, Great Clips, and Rita's Italian Ice, to name a few.
Starbucks benefits from its position within one of Riverview's primary retail and commercial corridors with 2.8 MSF of retail, 1.1 MSF of office, 3.9 MSF of industrial, and 3,606 multifamily units within a 5-mile radius. Major retailers in the surrounding vicinity include Walmart Neighborhood Market, Sam's Club, Tractor Supply Company, Bealls, Marshalls, Sprouts Farmers Market, ALDI, Winn-Dixie, Dollar Tree, Dollar General, Walgreens, Sally Beauty, Crunch Fitness, LongHorn Steakhouse, Texas Roadhouse, Moe's Southwest Grill, Panera Bread, IHOP, Buffalo Wild Wings, Qdoba Mexican Eats, Chick-fil-A, McDonald's, Taco Bell, Wendy's, Culver's, Panda Express, Dunkin' Donuts, Verizon, AT&T, AutoZone Auto Parts, Advance Auto, Goodyear Auto Service, Firestone Complete Auto Care, and Valvoline Instant Oil Change, among many others.
Starbucks is surrounded by a dense concentration of residential with nearly 4,000 households within a mile, placing a robust built-in customer base just minutes from the property. Over the past few years, 10,000+ residents have been added via several new housing developments, making Riverview one of the fastest-growing submarkets in Florida.
Besides its premier location just 5 miles east of Tampa Bay, the site is also proximate to several traffic drivers including Creekside Charter Academy (0.4 miles north; 651 students), Bullfrog Creek Wildlife & Environmental Area (1.5 miles southwest), Belmont Elementary School (1.6 miles southwest; 674 students), Ayersworth Glen Country Club (1.8 miles southeast), Big Bend Professional Park (2.1 miles northeast; 132,678 SF), St. Joseph's Hospital South (2.2 miles northwest; 223 beds), and Summerfield Crossings Golf Club (2.8 miles northeast), to name a few.
The site benefits from affluent demographics with a population of 71,500 and an average household income of $118,068 within a 3-mile radius.