Starbucks retail building near Richmond sold
JLL Capital Markets closed the $1.4M sale of the single-tenant property to an institutional owner
WASHINGTON, D.C., Jan. 5, 2021 – JLL Capital Markets announced today that it has closed the $1.4 million sale of Starbucks at Bermuda Square, a 1,750-square-foot single-tenant retail building ground leased to Starbucks in the Richmond-area community of Chester, Virginia.
JLL marketed the property on behalf of the seller, GBT Realty Corporation. An institutional owner purchased the property.
Constructed in 2008, the building has a fully entitled drive-through and is occupied by investment-grade tenant Starbucks Corporation (NASDAQ: SBUX), which is the world’s largest coffee house chain and has more than 31,000 locations across 80 markets. The Starbucks is the fourth most visited Starbucks within 50 miles and is the only Starbucks with a drive-thru within a seven-mile radius.
The property is situated at a busy intersection with approximately 64,000 vehicles a day and is only 700 yards from Interstate 95. Additionally, the property fronts a redeveloped center with new national anchors and is in an area that is home to 74,000 residents within a five-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Brad Peterson, Director Michael Brewster, Senior Director Jordan Lex and Analysts Maddie Davis and Joseph Naas.
“This is a ‘high-volume, high margin suburban drive-thru’—the exact focus of Starbucks’ corporate plan to open 22,000 additional locations in new markets by 2030,” Brewster said. “That type of caffeinated growth is only possible with existing cornerstone locations like Starbucks at Bermuda Square.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GBT Realty Corporation
Founded in 1987, GBT Realty Corporation develops virtually all types of retail and mixed-use developments throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community. In recent years, the real estate company has completed over 6 million square feet of development totaling over $1 billion of project cost in 27 states through its shopping center, net lease and diversified development platforms. Since inception, GBT has been involved with the development, construction, leasing and management of over 30 million square feet of retail including grocery-anchored shopping centers, neighborhood centers, single-tenant buildings, regional power centers and mixed-use developments. The team’s combined decades of experience with local, regional and national tenants includes such names as Academy Sports + Outdoors, Hobby Lobby, Sprouts Farmers Markets, Publix Supermarkets, Walgreens, Dollar General, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, T.J.Maxx, Marshalls, PetSmart and Target, to name a few. Currently, the company has $1 billion of commercial development totaling five million square feet in the pipeline and under construction.