Brand New Construction
This newly constructed Starbucks opened in January 2017 and features both a drive thru and outdoor patio. This is a relocation of the Lithia Pinecrest store and features a new 10 year double net lease, with Starbucks having full maintenance responsibility while landlord is responsible for roof and structure only.
Strong National Tenant
Starbucks Corporation (NASDAQ: SBUX), with more than 24,000 retail stores in 70 countries, reported annual sales that exceeded $19 billion in 2015.
Significant Rent Increases
This new 10 year lease features a 10% rent increase in year 5, 10% increases in the first three option periods, and an 8% increase in the fourth option period.
Growing Retail Corridor
Situated in front of Crest Pointe Town Shoppes, a 43.52 acre mixed-use development anchored by a new Walmart Supercenter, the site offers excellent visibility and frontage on highly traveled Bloomingdale Avenue. Surrounding retailers include Publix, The Fresh Market, CVS, Walgreens, Verizon, Stein Mart and Bealls, among others.
Investor Tax Benefits
This building lease offers investors the tax benefit of depreciation.
Low Tax Burden
With no personal income taxes imposed in Florida, the state features one of the lowest tax burdens in the country.
Within one mile of the property, the median household income is $92,277, which is 94.4% higher than the statewide average. Retail expenditures average $2,791 per household per month.
Located in the Tampa-St. Petersburg-Clearwater MSA, the area boasts a robust, diverse economy with 19 corporate headquarters, eight of which are Fortune 1000 companies. MacDill Air Force Base contributes $5 billion annually to the greater Tampa Bay economy.
Impressive Tourism Dollars
In 2014, 20.8 million visitors spent $35 billion in Hillsborough County and generated almost $330 million in state and local tax revenues.
Highly Trafficked Intersection
Bloomingdale Avenue - 26,000 ADT
Lithia Pinecrest Road - 19,000 ADT