Starbucks - Riverview Plaza
Retail | 6.20% CAP | 2,500 SqFt
Marketing description
CBRE, as exclusive agent for Owner, is pleased to present the opportunity to acquire the Starbucks located at 92 Tarentum Bridge Road, New Kensington, PA 15068 (the “Property”). The Property is currently the #1 Starbucks location in a 15 mile radius (14 locations) according to Placer.ai. The new construction, 2,500 SF build-to-suit, offers a 10 year term, with 10% rental increases every 5 years through the initial term as well as the four options to follow.
Starbucks is strategically positioned in the Tarentum Bridge Road retail corridor of New Kensington, PA. Tarentum Bridge road sees 30,000+ ADT, and serves and the major connector to Route 28 (41,000+ ADT) and Route 56 (16,000+ ADT). Starbucks is part of a master planned redevelopment including Aldi, Harbor Freight and a proposed national QSR.
New Kensington is connected to downtown Pittsburgh via Route 28, the major throughfare serving communities to the northeast, and immediate access to the new Iron City Brewery (built in 2022 and home to Iron City Beer) and the New Kensington Advanced Manufacturing Park.
Investment highlights
Master Planned Redevelopment
The site represents a reposition to a vibrant and dynamic retail mix including Starbucks, Aldi, Harbor Freight and a proposed national QSR in addition to existing tenants including First National Bank, Dollar Tree, Wingstop, Verizon and Long John Silvers. This complementary mix encourages customer traffic and a strong mix of nationally recognized retailers.
Rental Increases
The lease provides for 10% rental increase every 5 years through the initial 10 year terms and each of the four subsequent option periods.
High Barriers to Entry
Due to the challenging topography and pre-existing dense suburban rooftops, there are high barriers to entry for new construction in this market and very limited opportunity for forthcoming retail supply.
Corporate Tenant
The lease is with Starbucks Corporation, an internationally recognized coffeehouse brand traded on the NASDAQ (Ticker: SBUX). Founded in 1971, the chain has over 33,000 locations worldwide.
New Construction with Drive-Thru
The new construction location represents Starbucks newest prototypical store format with outdoor seating and drive thru.
Proximity to Rooftops
The dense residential community, defined by the Pittsburgh MSAs topography and rivers creates dense residential nodes. The Property benefits from a 10 mile household count of 192,038.
Dense Retail Trade Area
Given the mature submarket, and natural traffic flow of Tarentum Bridge Road from Route 28, the retail corridor is dense and mature. This is further driven by Pittsburgh’s challenging topography, which makes Starbucks a true in-fill redevelopment.
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