505 Pisgah Church Rd - Freestanding FOR SALE


Greensboro, NC 27455- Spicewood
$2,129,000 USD
310-691-1350
505 Pisgah Church Rd, Greensboro, NC for Sale
$2,129,000 USD
Freestanding - FOR SALE
1/8
null | 6% Cap Rate

505 Pisgah Church Rd
Greensboro, NC 27455
Spicewood


HIGHLIGHTS

  • Trophy Drive-Thru Starbucks with 20+ Year Operational History
  • Investment-Grade Corporate Net Lease with Recent 5-Year Extension
  • Prime Retail Corridor with Significant Residential Development
  • $18B+ In Recent Capital Investment to the Piedmont-Triad Region

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,129,000 USD

PRICE/SF

$1,199 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

STNL Starbucks, 20+ Years of Occupancy

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2005

SPRINKLERS

-

PARKING SPACES

21

LAND DETAILS

LAND ACRES

0.63 AC

LAND SF

27,443 SF

ZONING

CD-C-H

APN/PARCEL ID

0044730

ASK ABOUT THIS PROPERTY

David ChasinPegasus InvestmentsMore Info
310-691-1350

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David ChasinPegasus InvestmentsMore Info
310-691-1350

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.