Marketing Description
Furman Capital Advisors is pleased to offer the opportunity to purchase a fee simple interest in a Starbucks under construction in Irmo, SC (Columbia MSA).
Investment Highlights
- Desirable Lease Term: Brand new 10 year lease with 10% rent increases every 5 years after the initial term; no termination option
- Minimal Landlord Responsibilities: NN+ lease with landlord only responsible for roof, structure, and parking lot resurfacing and re-striping (details outlined in the OM)
- Brand New Construction: 2023 build-to-suit for Starbucks; all warranties are transferable, including a 20-year roof warranty
- Corporate Lease: Fully guaranteed by Starbucks Corporation with over 36,160+ locations in 83 countries with revenues in excess of $32.5 billion
- Investment Grade Tenant: Starbucks holds an S&P BBB+ credit rating and is ranked #125 on the Fortune 500
- Located in the Path of Progress: Irmo is one of the fastest growing suburbs in Columbia SC, offering residents access to I-26, Lake Murrey, Harbison Blvd Retail, and only 12 minutes to downtown Columbia
- Excellent Demographics: The average household income is $139,078 within one mile and is expected to grow to $158,297 by 2027 with several new high-end home developments under construction
- Greater Booming Market: Columbia is the State Capital and the second largest MSA in South Carolina comprised of 816,450 residents