August 28, 2024 – Matt Nadler of Horvath & Tremblay has successfully completed the sale of a Starbucks in Spartanburg, South Carolina. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,606,409.
Starbucks is located at 202 Cedar Springs Road in Spartanburg, South Carolina. Constructed in 2024, Starbucks initially signed a 10-year lease that began in March of 2024. Prior to commencement they elected to execute their first, five-year renewal option. The current lease term expires in February 2039, leaving 14+ years of term remaining followed by seven (7), 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Starbucks is situated on a pad site to the Cedar Springs Shopping Center, which sits at the signalized intersection of Cedar Springs Road and Southport Road. The location is directly across the street from Walmart Neighborhood Market that anchors the immediate trade area. The Property benefits from excellent visibility, frontage, and prominent signage on Cedar Springs Road. The Property also features Starbucks’ best-in-class drive-thru and an outdoor patio space. Starbucks is surrounded by an array of national retailers and local businesses that serve the surrounding communities, while also being in close proximity to densely populated residential neighborhoods that provide a built-in 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.