Net Leased Starbucks Sold Date September 8, 2024
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Starbucks property located at 10021 NW Hwy 287 in Fort Worth, Texas for $2,700,000.
Starbucks is strategically positioned just west of US 287 (64,529 VPD), in proximity to Interstate 35W (153,554 VPD). The property benefits from its location in an income tax-free state within the nation’s 4th most populous metropolitan area.
Tenants nearby include McDonald’s, Shipley Do-Nuts, Exxon, and several large, upscale multi-family developments built within the last few years. The surrounding area has favorable demographics, with a population of 156,249 within a 5-mile radius and an average household income of $124,788 within 5 miles.
The property has brand new construction and is operating under a 10-year lease scheduled to commence this September.
Starbucks is a publicly traded company on the NASDAQ (SBUX) with a market capitalization in excess of $104 billion. Starbucks is an investment grade-rated company with a Standard & Poor’s rating of BBB+. As of 2023, Starbucks operates over 38,000 stores globally. Starbucks Corporation was founded in 1985 and is headquartered in Seattle, Washington.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction. The buyer is a New York-based high-net-worth individual and the seller is a Texas-based developer.
“E-commerce resistant tenants like Starbucks continue to sell in this economic environment” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Private investors gravitate towards assets in income tax-free states with investment grade rated tenants.”
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