Starbucks
Closed3612 Old Halifax Rd, South Boston, VA 24592
Property type
Retail
Unit / Space count
1
Price
$2,466,000
CAP
5.15%
Building size
2,500 sf
Rentable area
2,500 SF
Year built
2022
Year renovated
Occupancy
Zoning code
Lot size
2.19 Acres
Sold/status
Sold · Date unknown
Sale price
$2466000
Net Operating Income
$127,000
Property description
Franklin Street is pleased to present this newly constructed Starbucks location in South Boston, Virginia. South Boston is located in the rolling hills of Southern Virginia, 30 miles east of Danville and 50 miles north of Durham, North Carolina. South Boston is home to a wide variety of industries employing residents throughout the area including manufacturing, distribution, farming, and education. The area serves as a retail hub for a large regional trade area. Walmart Supercenter & Lowe's Home Improvement do not have another location for 30+ miles from this corridor and this is the only Starbucks location in South Boston. Many other daily traffic generators surround the site including Food Lion, Walgreens, CVS, Halifax County High School, Halifax County Middle School, among other employers. The store is scheduled to open in October and will have a new 10-year lease with minimal landlord responsibilities. The property is Starbucks' newest prototype with all brick and stucco exterior construction. Located on a large 2.19-acre parcel, the drive-thru lane has the ability to handle a 19-car stack.
Property highlights
- New construction Starbucks location across from Walmart Supercenter & Lowe's Home Improvement
- 10-year firm lease with no kickout clause
- Scheduled rent increases as a strong hedge against inflation: 10% every 5 years and in option periods
- Limited landlord responsibilities: Landlord only responsible for roof & structure (transferable warranties)
- Investment grade credit tenant: BBB+ S&P Credit Rating
- Located on the going-to-work side of the road on Old Halifax Rd (15,363 VPD)
- Surrounded by major traffic-generating retailers and restaurants including: Walmart Supercenter, Lowe's, Food Lion, Tractor Supply, Dollar Tree, Bojangles, Wendy's, CVS, Walgreens, Burger King, etc.