Jones Lang LaSalle Incorporated : Starbucks retail building near Richmond sold

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.

For more news, videos and research resources on JLL, please visit our newsroom.