HRI Sells Newly Constructed Starbucks for Over $2,000/sf
HRI sold a 1.9k sf, single-tenant NNN-leased Starbucks drive-through in Norwalk to a 1031 exchange investor in a recent deal valued at $3.85 million. The transaction works out to $2,081/sf and had a cap rate of 4.15%. Starbucks signed a 10-year, NNN corporate-guaranteed lease with four five-year options and 10% increases every five years throughout the primary term as well as option periods. HRI Development, had acquired the property for development in 2015. Located at 14322
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