Starbucks has 11+ years remaining on an initial 13 year NN lease with attractive 10% rental escalations (next rental escalation – March 1, 2025) with four 5-year renewal options (NO EARLY TERMINATION CLAUSE). The tenant, Starbucks Corporation has an S&P “A-Stable” credit rating and a Moody’s A3 stable rating, operating more than 28,030 retail stores in 77 countries/markets. This relocation of the highly successful Starbucks has a new prototype build-to-suit building, and the tenant agreed to an early lease extension.
Starbucks is located in the epicenter of Minot, North Dakota along the main north/south corridor of South Broadway with excellent drive by visibility. Nearby retailers include: Kmart, Goodwill, JOANN Fabrics & Crafts, O’Reilly Auto Parts, Sherwin Williams Paint Store, Menards, Boot Barn, Kohl’s, Hobby Lobby, Best Buy, OfficeMax. This asset is 1.5 miles from Dakota Square Mall (An 813,732 SF Shopping Center with 70 Retail Shops Anchored by Target, Scheels, JCPenney, Herberger’s, Barnes & Noble, Carmike Cinemas) and 3 miles from North Dakota State Fairgrounds. Starbucks is less than 2 miles from Minot State University (enrollment of 3,200) and 1 mile from Trinity Hospital – St. Joseph’s (165 beds).
*In Association with North Dakota Local Broker: Jay Lerner, The Lerner Company #2129