Investment Highlights
New 10-year corporate net lease to Starbucks Corporation (NASDAQ: ?SBUX?)
Rare self-maintain language, providing extremely passive Starbucks investment
Largo is the third-largest city in Pinellas County as well as the fourth largest in the Tampa Bay area
Investment-grade tenant, rated ?BBB+? by Standard & Poor?s
Prime location near the signalized four-way intersection of Roosevelt Boulevard and Dodge Street (46,000 AADT)
High-quality 2023 construction featuring a dedicated dual-lane drive-thru lane and patio seating
Executive Summary
This Starbucks has a prime location near the signalized four-way intersection of Roosevelt Boulevard and Dodge Street (46,000 AADT)The property is ideally located just off U.S. Route 19, a long-haul thoroughfare connecting Lake Erie to the Gulf of Mexico, allowing the site to capture significant commuter traffic (111,000 AADT)Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Costco, Sam?s Club, The Home Depot, Publix, Carmax, McDonald?s, Raising Cane?s, and many more, creating significant crossover shoppingThe site greatly benefits from its proximity three miles St. Pete-Clearwater International Airport, which welcomed 2,445,919 passengers in 2022, a 20% increase from 2021233,277 residents live within a five-mile radius of the site, providing an extremely large and reliable customer baseProjected income increases within 1-, 3-, and 5- mile radii over the next five years poise Starbucks and Largo for steady concurrent growth
