Arizona investment group buys New Port Richey Starbucks

BUYER: Roddimeyer III LLC (principals: 3-B & 3-B Corp., Andrew Roddick and Phillip Meyers), Paradise Valley, Ariz.
SELLER: Little Road Cafe LLC
PROPERTY: 5220 Little Road, New Port Richey
PRICE: $2.07 million
PREVIOUS PRICE: $1.81 million, August 2010
TITLE FIRM ON DEED: Skyline Title Agency LLC, Miami

PLANS, DESCRIPTION: The Paradise Valley, Ariz. investment company Roddimeyer III LLC purchased a freestanding Starbucks building for $2.07 million.

The price equated to $1,180 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The 1,750-square-foot building, which features a drive-thru, sits on a 1.08-acre outparcel to the Publix-anchored 62,000-square-foot River Crossing Centre. Starbucks has five-and-a-half years remaining on the initial term of its lease. The existing rental agreement calls for Starbucks to pay the property's insurance and taxes and bills for any needed maintenance.

Mark Shellabarger of CBRE's Private Capital Group in Tampa and Todd Weintraub and David Donnellan in the group's Fort Lauderdale office represented the seller.

“Investors continue to aggressively pursue single-tenant, net-leased investments, even, in cases such as this, where the term of lease is relatively short,” Shellabarger says in a press release.