Bob Horvath and Todd Tremblay, vice presidents of investments of Marcus & Millichap Real Estate Investment Services, have brokered the transaction of Starbucks .
Starbucks, located on the Lynnway, closed at a sale price of $1.625 million, a 5.42% cap rate. Horvath and Tremblay exclusively represented both the seller, JDK II Investments, LLC and the buyer, Pleasant Street Realty Trust.
The newly constructed, 2,200 s/f property is situated in a highly visible location with direct street frontage along Rte. 1A. Strategically located minutes from Logan Airport and downtown Boston; this store is convenient for commuters traveling along Rte. 1A, which experiences daily traffic counts in excess of 43,000 vehicles per day. Starbucks signed the new 10-year double net (NN) lease in late 2014 and recently opened for business. The lease includes (4) five year options and ten percent (10%) rental escalations scheduled every five years throughout the base term and the option periods. This store features an extensive menu, indoor and outdoor seating and drive-through service.
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion.
The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.