NN-LEASED STARBUCKS ACQUIRED AT A 6.50% CAP RATE
December 2, 2020
Just closed at a strong 6.50% cap rate! We recently assisted our client in identifying an attractive 1031 exchange upleg: a NN-leased corporate Starbucks in the densely populated and growing city of Rochester, NY. This asset stood out for its reliable long-term tenant: Starbucks has occupied this store since 1997, invested in substantial roof improvements in 2007, and recently put $150K into this location. The lease has over seven years remaining, two five-year options, and 10% rent increases at each option. This property is located at 680 Monroe Avenue just off Interstate 490 and was acquired for $868,400. For more information, please contact David O’Keefe at David.O'Keefe@MarcusMillichap.com.