UPLEG ACQUIRED: NEW CONSTRUCTION STARBUCKS
November 18, 2020
Another ideal 1031 exchange upleg acquired! The Bogie Group just closed a brand new 2020 construction Starbucks with a drive-thru in Orange, Texas at a 5.12% cap rate for $2,300,000. The asset is on a corporate guaranteed double net lease with nearly 10 years of base term remaining, four five-year options, and 10 percent rent increases every five years. The property boasts an excellent location on a busy street in an income tax-free state just off Interstate 10, the longest contiguous highway in the U.S., with pylon signage visible from the interstate. Surrounding national tenants include Chase, CVS, Chik-Fil-A, Jack in the Box, Dairy Queen, Sonic Drive-In and more. We represented the buyer in this transaction. For more information, please contact Steve "Bogie" Bogoyevac at Steve.Bogoyevac@MarcusMillichap.com.