There is the opportunity to purchase the property that is home to the new Starbucks at 430 Pennsylvania Avenue in Ft. Washington. The new owner would become Starbucks’ landlord. The property is listed for $2,799,000.
From the listing on Crexi.com:
Forged Real Estate is pleased to exclusively offer the opportunity to acquire a single tenant property leased to Starbucks, (the “Property”) in Fort Washington, Pennsylvania, a suburb in the Philadelphia MSA. The recently constructed Starbucks has over nine and a half (9.5) years remaining on their NN lease which includes an upcoming rental increase in March of 2024. Starbucks’ Lease calls for ten percent (10%) rental increases in each of the four option periods. Starbucks features a drive-thru and outdoor seating area, both of which were extremely important to the investment grade (BBB+) retailer during their site selection process, due to the densely populated and highly trafficked surrounding area. The nearly 60,000 residents within three miles of the property have an average household income of over $160,000. The next closest Starbucks with a drive-thru is over four (4) miles away and a ten (10) minute drive from the subject property. Starbucks benefits from excellent visibility along Pennsylvania Ave (15,250 VPD) and is just under one half (0.5) mile from the entrance to the PA Turnpike/I-276 (108,000 VPD) as well as the Fort Washington Expressway/PA-309 (54,000 VPD) which provide access to most of southeastern Pennsylvania. There are over 3.1 million square feet of class ‘A’ and ‘B’ office space within two (2) miles of Starbucks, according to , including the headquarters of Nutrisystem, Toll Brothers, Kulicke & Soffa Industries and Trumark Financial Credit Union among other national and international companies.
Starbucks is strategically located seconds from the Fort Washington SEPTA Station, one of the busiest stations on the Lansdale/Doylestown line which average over 86,000 weekly riders, ranking as the 2nd busiest Septa Regional Rail line. Additionally, Starbucks sits directly adjacent to a Holiday Inn Express, which according to Placer.ai ranks in the 97th percentile of Holiday Inn Express locations in the United States and the state of Pennsylvania as well as the top ranked Holiday Inn Express location within 50 miles of the subject property based on number of site visits. The Property is situated in a strong demographic area, as the surrounding 5-mile radius has experienced an 5.88% growth since 2010 bringing the population to over 203,000 as well as a 4.66% growth in households to bring the total to over 78,000. Additionally, the average household income within that 5-mile radius is over $148,000. Fort Washington sits just over twelve (12) miles northwest of Philadelphia and is part of the affluent Montgomery County. Montgomery County is the third-most populous county in Pennsylvania and the #1 most populated suburban county in the Philadelphia MSA. The population of Montgomery County was over 860,000 as of 2021.
You can view the entire listing here.
Photo: Crexi.com