June 2016 – Brian Ahrens and Peter Butler of Horvath & Tremblay, have successfully procured the buyer to complete the sale of a free standing Starbucks in Mt. Pleasant, South Carolina. Brian worked exclusively with the local 1031 exchange buyer to fulfill his exchange requirement. The property closed at a sale price of $1,474,509, a 5.1% cap rate.
Located within The Market at Oakland, this newly constructed Starbucks benefits from its prominent location and high visibility at the entrance to the shopping center. Starbucks signed a new 10-year lease in March 2015, which includes (4) five year options and rental escalations at the beginning of each option period. The Market at Oakland features over one mile of frontage on U.S. Highway 17 North, and is in close proximity to some of South Carolina’s most famous vacation destinations and is within a few miles of downtown Charleston. Anchored by Walmart Supercenter and Kohl’s, The Market at Oakland attracts shoppers from the local and regional area. Starbucks is will located off of Highway 17 which sees traffic counts in excess of 50,580 vehicles per day. Additional national tenants located in the area include Publics, Food Lion, Harris Teeter and CVS.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Recently recognized by Globe Street and Real Estate Forum as one of the “Top 20 Retail Sales Brokers” in the Industry, our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges.