Starbucks - Chesapeake, VA 201 Carmichael Way

Investment Highlights

Executive Summary

? Starbucks has 14.75 years remaining on their lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site? 2023 construction which features high-quality materials, high-level finishes, and distinct Starbucks design elements? The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+), nationally recognized, and established firm with over 38,000 stores? The lease features 10% rental increases every 5 years and at the beginning of each option? Tenant pays for taxes, insurance and maintains most aspects of the premises? Limited landlord responsibilities to roof & structure? Ideal, low-management investment for a passive investor? Starbucks is part of the Target-anchored Edinburgh North Shopping Center, which features other retailers such as Chick-fil-A, Buffalo Wild Wings, and more? Ideally positioned right off Chesapeake Expressway (76,000 VPD), allowing users to benefit from on/off ramp access to the subject site and surrounding trade areas? The neighboring retailers include The Home Depot, Wawa, and a newly built Walmart Supercenter? Equipped with a drive-thru, providing ease and convenience for customers while maximining productivity and efficiency? For Q4 2023, net revenues were up 11% to a record $9.4B, while comparable store sales were up 8% globally, 8% in North America, and 5% internationally? The company opened 816 net new stores in Q4 2023, ending the period with 38,038 stores: 52% company-operated and 48% licensed? Starbucks? CEO said, ?We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance.?? Fiscal year 2023:? Global comparable store sales increased 8%, driven by a 5% increase in average ticket and 3% increase in comparable transactions? North America and U.S. comparable store sales increased 9%, driven by a6% increase in average ticket and 3% increase in comparable transactions? International comparable store sales increased 5%, driven by a 5% increase in comparable transactions? More than 60,000 residents and 16,000 employees support trade area? $178,360 average household income within a 1-mile radius? Last Starbucks before entering North Carolina border on the way to Outer Banks. Next NC location is 55 miles away.? Just North of Hickory High School, providing a direct consumer base from which to draw

• Sale Type    Investment
• Property Type    Retail
• Property Subtype    Restaurant
• Building Size    2,500
• Building Class    B
• Year Built    2023
• Price    2,960,000
• Price Per SF    1,184
• Cap Rate    6
• NOI    177,468
• Tenancy    Single
• Building Height    1 Story
• Building FAR    0.03
• Land Acres    2.04 AC

• Drive Thru