January 11, 2022 – Zach Smith of Horvath & Tremblay has successfully completed the sale of Starbucks in Melbourne, Florida. Horvath & Tremblay exclusively represented the buyer in this transaction at a sale price of $2,625,500.
Starbucks is located at 7351 Shoppes Drive in Melbourne, Florida. This was a build-to-suit, stand-alone building completed in 2003, which contains 2,120 square feet of leasable space, a drive-thru, and outdoor patio space on a 0.67-acre lot. Starbucks has demonstrated their commitment to this location and is in their second renewal option. Starbucks currently has 3+ years remaining on their lease term with three (3), 5-year renewal options remaining. The lease features a 10% rental increase at the start of each option period. Starbucks enjoys outstanding visibility and frontage along Shoppes Drive and N Wickham Road, the primary commercial corridor traversing the area. Starbucks is an outparcel to the Walmart anchored Shoppes at Lake Andrew and is across the street from a Target. The Property is 800 feet from Interstate 95, 0.3-miles from Health First’s Viera Hospital, and is surrounded by national retailers and several hotels/motels.
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.