•	Starbucks recently signed a brand new 10-year lease with 4 (5-year) options to extend, demonstrating their long-term commitment to the site
•	2023 construction which features high-quality materials, high-level finishes, and distinct Starbucks design elements
•	The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+), nationally recognized, and established firm with over 35,000 stores
•	The lease features 10% rental increases every 5 years and at the beginning of each option, growing NOI and hedging against inflation
•	Tenant pays for taxes, insurance and maintains most aspects of the premises
•	Limited landlord responsibilities for roof, structure, and foundation
•	Ideal, low-management investment for a passive investor in a state with no state income tax

Offering Memorandum

•	Starbucks is strategically located within Durbin Creek Crossing, a 70-acre mixed-use development project
•	The development will include 10 freestanding outparcels that features tenants such as ALDI, Taco Bell, 7-Eleven, Tire Kingdom, ABC Liquor, First Florida Credit Union, and more: promoting strong tenant synergy for this asset
•	DHI Communities (DR Horton Company) is in the process of constructing
a 350-unit multi-family community with Durbin Creek Crossing, creating a direct consumer base from which to draw
•	The property also features nearby direct on/off ramp access to
Interstate 95 (165,000 VPD), a major commuter thoroughfare that connects the Jacksonville MSA
•	More than 109,000 residents and 28,000 employees support the trade area
•	Features an average household income of $152,548 within a 1-mile radius
•	St. Johns County is the 10th fastest-growing county in the United States, with the population expected to grow by 15.9% between 2020 and 2025

Jacksonville (St. Johns), FL - Starbucks Coffee

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Jarrett Slear joined SRS Real Estate Partners in 2023 as Patrick Nutt’s lead analyst on the Florida Capital Markets team. During this time, he played a pivotal role in underwriting single-tenant properties, single-tenant portfolios, and several multi-tenant assets for both institutional and developer clients. As an analyst, Jarrett underwrote more than 500 assets, exceeding $1 billion in total property value. Since transition into brokerage, he’s successfully closed more than 60 transactions, exceeding $115 million in sales volume. Jarrett specializes in seller and buyer representation, with an extensive track record in the disposition of single-tenant retail assets, including QSR, banks, and vacant or distressed properties that present a value-add component through repositioning or redevelopment. Jarrett began his commercial real estate career in the summer of 2021 as an acquisitions and dispositions intern for a publicly traded REIT in Greater Philadelphia. This was followed by a full-time analyst role with the NNN Pro Group’s institutional coverage team in Manhattan, NY, prior to joining SRS.Jarrett graduated from Plymouth State University, where he was a member of the men’s NCAA ice hockey program. He holds a B.S in business administration with a minor in professional sales.

Jarrett Slear

Capital Markets

Investment Offering

Jacksonville (St. Johns), FL - Starbucks Coffee

Description

Location

Documents & Links

Contact

Patrick Nutt

William Wamble