Starbucks - Outparcel / Entrance to The Oaks Mall
At-A-Glance
Sold August 2023
Price: $3,500,000
Cap Rate: 5.0%
Represented: Seller
Opportunity
Top Performing Starbucks Location
Recent 10-year extension with 20 years of operating history
Starbucks is currently undergoing extensive renovation
Below market rent & outparcel at entrance to the highly trafficked Oaks Regional Mall / University of Florida Health Campus
Highlights
- Highly visible and irreplaceable Mall Outparcel / drive-thru location and just off of Interstate-75
- The Oaks Mall is the only regional shopping center located in the trade area, which also includes over 55,000 students at the University of Florida and the UF Health system – the largest medical system in north central Florida
- Located just off I-75 Newberry Road exit, which is Gainesville’s busiest intersection with a daily traffic count in excess of 122,000 cars
- Starbucks has been at this location for 20+ years, including the extension of multiple options and the recent extension of two five-year options for a new 10 year term
- Large Starbucks building with drive-thru consisting of 4,345 square feet with below market rent, leaving significant value add potential over the long term. Average Starbucks/Dunkin Donuts rent comps in Gainesville show $4.92 PSF vs. $3.42 PSF at the Subject Property.
- Top performing Starbucks location - Ideal 1031 exchange opportunity - Corporate lease provides long-term security and stability for the new investor
- Strong / National Tenant - Starbucks is ranked #114 on the Fortune 500 and has over 33,000 locations nationally
- Strong Demographics - There are over 161,000 people living within a 5 mile radius, with an average household income over $77,000
