Overview
Atlantic Capital Partners is pleased to present the sale of a newly constructed Starbucks located at 50 Lodge Lane in Verona, Virginia. This 2,500 SF build-to-suit prototype is currently under construction with a projected opening date of 10/1/2024. The property is strategically located on Laurel Hill Road, with excellent proximity to I-81, which sees 59,000 VPD.
The site offers exceptional visibility and excellent daily vehicle traffic. Starbucks commited to a newly minted, rare, 10-year self-maintaining lease, with six five-year renewal options. The lease includes 10% rent escalations through the initial term, and at the start of each option period, with a current annual rent of $168,000. This investment combines the strengths of a newly constructed asset, limited landlord responsibilities, and a stable, long-term passive income stream.
Investment Highlights
RARE 10-YEAR SELF-MAINTAINING LEASE
NN lease leaves minimal Landlord Responsibilities (Only Parking Lot Replacement & Structure)
ATTRACTIVE RENTAL INCREASES
10% rent increase every 5 years including option periods with no early termination
CORPORATE GUARANTEE FROM INVESTMENT-GRADE TENANT
Starbucks has a Market Cap of $105.8B (NASDAQ: SBUX) with over 15,000 locations across the country (S&P: BBB+)
INTERSTATE LOCATION (59,000 VPD)
I-81 circumvents major metro areas to connect smaller and mid-size cities from Tennessee to the New York/Canadian Border
LIMITED MARKET COMPETITION
The asset is the only Starbucks in the immediate trade area (next closest location is 6 miles away)
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