|Lot Size||0.8 ACRES|
JLL is pleased to offer for sale the fee-simple interest in a newly-constructed, freestanding Black Rock Coffee Bar located in Scottsdale, Arizona. Black Rock Coffee Bar is a rapidly expanding coffee concept on the west coast with over 60 locations. This location will be their eighth in Arizona and second in Scottsdale, the premier retail location of the Phoenix MSA. With a lack of competition and strong demand for a drive-thru coffee location in the market, Black Rock will benefit from its easy access to and from Shea Boulevard. With a strong customer base comprised of nearly 40,000 people within a 3-mile radius earning $160,000, annually, Black Rock is well-positioned to thrive in a hot and growing Scottsdale market. The Tenant will begin a 15 year, absolute triple-net (“NNN”) lease in early 2020 with 10 percent increases every five years. This brand new asset presents investors with an opportunity for secure, growing cash flows in an ultra high net worth market.
- The Asset is subject to a NNN lease featuring 10 percent increases every five years and two, five-year renewal options, making it the ideal passive, long-term investment
- The subject Black Rock location faces limited direct competition on Shea Boulevard and will demand a strong marketshare in this ultra high net worth area. The only direct coffee competitor is a Starbucks nearly one mile north positioned inside an Albertson’s grocery store, rendering Black Rock’s drive-thru format beneficial
- The surrounding market features elite demographics with an average household income exceeding $160,000 within a 3-mile radius. Additionally, the surrounding market is projected to grow at about 1.5x the national rate. Nearby housing values are $600,000 to well over $2 million
- Strategically positioned off Shea Boulevard (41,000 VPD), offering seamless ingress/egress to those on-the-go. Additionally, the Asset’s adjacent retail center is anchored by Mountainside Fitness, Cold Beers & Cheeseburger, and several more tenants that attract additional traffic into the area. There are limited drive-thru parcels along Shea Boulevard in the local Scottsdale market
- Build-to-suit construction for Black Rock Coffee Bar ensures commitment to the location for the long term. This is their eighth location in Arizona and their first in Scottsdale