Investment Overview

Marcus & Millichap is pleased to exclusively present this recently opened new Starbucks store, a 2,500 square foot free standing retail property in the north metro Tampa city of Spring Hill, part of Florida’s Nature Coast region. The subject property was a new build-to-suit construction in 2021 on an outparcel to the Publix at Seven Hills neighborhood shopping center. This single tenant offering is under a 10-Year Double Net (NN) lease with six (6) five-year renewal options, 10% rent increases every ?ve years, and no early termination option. Starbucks, rated BBB+ by S&P and ranked #120 on the Fortune 500, opened the store for business in early October 2021. Situated on a 0.70 acres parcel on Mariner Boulevard, this Starbucks store has excellent visibility to an average of 22,000 vehicles per day just off the intersection with County Line Road which has an average of 20,000 vehicles per day. The area re?ects strong demographics with a 5-Mile population over 107,000 and average annual household incomes of $73,000 in a 1-Mile radius. Commercial property fundamentals are excellent with CoStar reporting vacancy of only 2.6% for retail properties in a 5-Mile radius of the property and 8.6% rent growth for the submarket over the last 12 months. The City of Spring Hill, located in southwestern Hernando County, is part of the Tampa-St. Petersburg-Clearwater metropolitan area surrounding Tampa Bay and approximately 80 miles west of Orlando. Spring Hill is home to the world-famous underwater mermaid show, at Weeki Wachee Springs State Park and the area also boasts many amusement parks, museums, outdoor activities, and major-league professional sports teams. The property is located just 40 miles north of downtown Tampa and Tampa International Airport (TPA).