February 19, 2021 – Jeremy Black and Matt Nadler of Horvath & Tremblay have successfully completed the sale of Starbucks in Malta, New York. Horvath & Tremblay exclusively represented the seller and procured the buyer in this transaction at a sale price of $1,753,000.
Starbucks is located at 522 Route 67 in Malta, New York. This is a new construction stand-alone building, which contains 2,100 square feet of leasable space, a drive-thru and outdoor patio space. Starbucks currently has 9 years remaining on their initial 10-year term with four, 5-year renewal options remaining. The lease features a 10% rental increase in the fifth year and at the start of each option period. Starbucks is well-located on a roundabout between Interstate 87 and US Route 9. The location is part of a brand-new 50-acre mixed-use development, which features retail shops, a hotel and 300 luxury apartments. The area benefits from the employee population at the nearby Luther Forest Technology Campus, which features the GlobalFoundries multi-billion-dollar semiconductor facility with over 3,000 employees.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.