1689 Richmond Rd Staten Island, NY 10304

The subject offering is a two-tenant net-leased retail deal on Richmond Road in Staten Island, New York. The property features Starbucks and Fine Fare Supermarket and brand-new 2022 construction. The property is situated on a 42,883 square foot lot across two separate tax lots, with 37 car parking and over 400 feet of frontage on Richmond Road. The offering consists of two freestanding buildings, with
Starbucks occupying 2,000 square feet and Fine Fare Supermarket leasing 9,150 square feet with a 3,000 square foot lower level (14,150 square feet total). Starbucks has a dedicated drive-thru capable of stacking over 10 cars. It is almost impossible to get new drive-thru locations approved in Staten Island.

Starbucks has a 10-year lease that runs through February 2032, with no termination option. They have six (5) five-year options to renew with 10 percent rental increases every five years. Additionally, they are responsible for 100 percent of the proportionate share of CAM, and 100 percent of their proportionate share of real estate taxes above their base-year of 2017/2018 (base year tax amount is $37,045) for Lot 7.

Fine Fare Supermarket has a 15-year lease that runs through April 2037. Their lease has 3 percent annual increases. They are responsible for paying 100 percent of their proportionate share of CAM, as well as paying 100 percent of their proportionate share of real estate taxes for Lot 41. Fine Fare Supermarkets has over 60 locations throughout New York, New Jersey and Pennsylvania.

These are NN leases, with the landlord being reimbursed back for all expenses except for Starbuck’s base-year taxes, and repairs to roof and structure. Moreover, both buildings are covered by a 20-year warranty, ensuringlong-term structural integrity.