Matt Nadler of Horvath & Tremblay has successfully completed the sale of Starbucks in Westport, Connecticut. Horvath & Tremblay exclusively represented the seller in this transaction and closed the property at a sale price of $6,790,400, a 3.50% Cap Rate with a rental escrow.
Starbucks is located at 1000 Post Road East (US Route 1) in Westport, Connecticut. Starbucks, relocated to this stand-alone building, which contains 2,858 square feet and a drive-thru on a 0.6-acre lot in 2016. The lease has 17 years remaining on a Triple-Net Lease with an additional two (2) 10-Year Options. The high rent per square foot lease features increases every five years throughout the base term and option periods. Starbucks was marketed and sold based upon the scheduled rent increase in 2021. The property closed during the Covid-19 pandemic. Starbucks is extremely well located along Post Road East (US Route 1), the primary retail and office corridor in Westport, one of the nation’s wealthiest communities. The property has excellent visibility along US Route 1 with average daily traffic counts in excess of 22,000 vehicles per day. Starbucks benefits from outstanding demographics with more than 31,000 people living within a 3-mile radius of the property with an average household income of more than $314,000.
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.