January 26, 2023 – Kyle Danielson, Hill Kanellos and Austin Smith of Horvath & Tremblay have successfully completed the sale of Starbucks in New Castle, Delaware. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $3,118,812.
Starbucks is located at 2160 New Castle Avenue in New Castle, Delaware. Starbucks has more than 9 years remaining on their double net lease with four (4), 5-year renewal options. The lease features a rent increase in year 6 of the primary lease term and at the start of each renewal option. This is a new construction, build-to-suit Starbucks and features Starbucks’ latest architectural design, best-in-class drive-thru experience, and outdoor patio space, all designed to enhance the customer experience and drive sales. Additionally, this location is open 24-hours per day (via the drive-thru). Starbucks is exceptionally well-located at the signalized intersection of Cherry Lane and New Castle Avenue (DE Route 9). The new construction Starbucks is strategically positioned at the base of the Route 9 exit, the last exit along Interstate 295 before crossing the Delaware River into New Jersey. The Property is both visible and easily accessible from Interstate 295 which has traffic counts in excess of 120,000 vehicles per day. The Property is 1.5-miles from US Highway 13, Delaware’s primary commercial and commuter corridor providing direct access to Wilmington and Philadelphia to the north and Dover to the south. The area is home to the confluence of Interstates 95, 295, and 495 and US Highways 13 and 202. Additionally, the Property is surrounded by densely populated residential neighborhoods and pockets of commercial development as well as several large business and industrial parks providing a robust customer base.
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.