Pegasus Investments Real Estate Advisory Inc., in conjunction with ParaSell Inc., as exclusive advisors to Seller, are pleased to present the opportunity to acquire a fee simple interest in a drive-thru Starbucks located along a top performing retail corridor of Greensboro, a historic manufacturing hub within the expanding Piedmont Triad MSA. The property is secured by a corporate net lease from Starbucks Corporation (S&P: BBB+), the world’s largest coffeehouse chain and one of the most recognizable consumer brands globally. Starbucks has operated at this high traffic, drive-thru location since 2005 and has exercised two 5-year renewal options following the expiration of its original 10-year lease. With three remaining 5-year renewal options - featuring rent increases, 8% in the first option and 10% in the second and third – the asset offers investors stable, long-term income growth backed by national credit tenancy.
The freestanding building, featuring a strong parking ratio of ~12:1,000 SF, is positioned within a dominant retail corridor at one of Greensboro’s busiest intersections, located just off the I-840 interchange (43,000 VPD). The corridor is anchored by the mixed-use lifestyle center Village at North Elm, a top 18% neighborhood center in North Carolina (105 of 609) that draws approximately 2.4 million annual visitors according to Placer.ai. Additionally, the corridor features several national tenants including McDonald’s, Chase Bank, Chick-fil-A, as well a top 8% statewide Dollar Tree (26 of 327) and top 15% statewide Walgreens (45 of 295).
Supporting the excellent mix of retail tenants, the corporate net lease Starbucks is surrounded by more than 1,700 units of recently constructed and planned residential development, signifying the area’s economic expansion and long-term investment reliability. Notable projects include the recently renovated Village 1373 (332 Units), the Encore North (237 Units), and the 340-Unit Brooks North Apartment project. Surrounded by strong retail demand drivers and expanding residential density, this drive-thru Starbucks is well positioned to continue thriving within this high traffic retail node.
While the Piedmont Triad has historically served as a major manufacturing hub for textiles and furniture, the region has evolved into a diversified growth corridor with expanding industries across aerospace & defense, aviation, logistics, and biotechnology. This transformation is underscored by significant institutional investment, including a $14 billion battery plant by Toyota Motor Corporation and a $4.7 billion manufacturing facility by JetZero. Together, these projects are expected to generate more than 19,500 new jobs. Supported by accelerating economic growth, this offering presents the rare opportunity to acquire an investment-grade net lease asset at an attractive $2 million basis in a diversified growing corridor.