Starbucks - Jackson Village
Retail | 6.20% CAP | 2,200 SqFt
Marketing description
CBRE, as exclusive agent for Owner, is pleased to present the opportunity to acquire the Starbucks located at 246 Perry Highway, Harmony, PA 16037 (the “Property”). The new construction, 2,200 SF build-to-suit, offers a 10 year term, with 10% rental increases every 5 years through the initial term, as well as the 4 option periods.
Starbucks is part of the master-planned development known as Jackson Village. Starbucks benefits greatly from the complimentary tenant mix offered by Jackson Village that includes ALDI, Wendy’s, Taco Bell, Circle K, West-Aircomm Credit Union and O’Reilly Auto Parts.
Starbucks is located in Jackson Township approximately 20 miles north of downtown Pittsburgh PA. The surrounding area has been the focal point of a number of new residential developments over the last 5 years, and there is even more under construction and in planning. Starbucks is approximately 1.5 miles from the Seneca Valley School Campus which counts an enrollment in excess of 7,300 students and a recently announced $100M+ expansion/renovation project.
Investment highlights
Master Planned Development
The site represents the development of a vibrant and dynamic retail mix including Starbucks, Aldi, Taco Bell, Circle K, O’Reilly Auto Parts, and WestAirComm. This complementary mix encourages customer traffic and a strong mix of nationally recognized retailers.
Rental Increases
The lease provides for 10% rental increases every 5 years through the initial term, as well as the 4 option periods.
High Barriers to Entry
Due to the challenging topography and influx of residential development, there are high barriers
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. to entry for new construction in this market and very limited opportunity for forthcoming retail supply.
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 population of 111,712.
Fast Growing Submarket in Premier School District
Starbucks is located in Harmony, a historic suburb that is located about 30 miles north of Pittsburgh. Harmony’s population has been steadily increasing, driven by its affordable housing, excellent schools, and outdoor recreational opportunities. The school district, Seneca Valley, is a highly-rated public school serving about 7,500 students and is consistently ranked among the top school districts in Pennsylvania, with high graduation rates and academic achievement scores.
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