News

BUSINESS BRIEFS: Starbucks lease, new surgeon, Champion credit union

By Bill Moss, Published: December 12, 2015

Hendersonville’s first standalone Starbucks is not out of the ground yet but a lease with the world’s best-known coffee shop is on the market.

The developer, New Mountain LLC of Waynesville, bought the land on Four Seasons Boulevard and Orrs Camp Road from Boyd L. “Bub” Hyder and Lucille Hyder Logan in May for $1.2 million. The new owner bulldozed the 1920 rock house that housed Jimmy Edney’s Land of Sky realty office and Hendersonville Printing Co. and graded the site. Starbucks will build a store to its specifications but won’t own the land, commercial real estate brokers say.
In a financial arrangement that is typical of retailers that choose not to own real estate, Starbucks will lease the property from the owner. Starbucks plans a 2,053-square-foot shop with 31 parking spaces and a drive-thru window on the six-tenths acre site. Through a broker, New Mountain has offered the ground lease for $2,535,555. Under a so-called triple-net lease, Starbucks would be responsible for maintenance, insurance and taxes. In an advertisement for the “rare Starbucks ground lease,” Moseley Real Estate Advisers said the Starbucks lease is for 20 years at $9,500 a month with a 10 percent bump in year 6 and four five-year renewal options.
The ad touts the site’s proximity to I-26, retailers Belk’s and JC Penney and fast-food restaurants such as McDonald’s, Krispy Kreme and Bojangles. Commercial real estate brokers here say the lease is likely to sell to a real estate investment trust or some other fund because its annual cap rate of 4.5 percent beats other safe investments.
Starbucks operates 22,000 shops in 67 countries. Last month it reported record revenue of $4.9 billion and earnings of just under $1 billion for its 2014-15 fourth quarter ending Sept. 29.

Vascular surgeon joins Pardee practice

Craig MillerCraig Miller, a board-certified vascular surgeon, has joined Vascular Surgery at Pardee, at 835 Fleming St., the Pardee Physician Network announced.
Miller also provides diagnostic and therapeutic vascular imaging services. Procedures are performed on both an inpatient and outpatient basis at Pardee Hospital, as well as in the Vascular Surgery office.
Miller earned his medical degree from the Ohio State University College of Medicine. After finishing his internship and residency in surgery at the Ohio State University Medical Center, he completed a fellowship in vascular and endovascular surgery at the University of California at San Francisco, where he was a fellow of the university’s Gastrointestinal Research Laboratory.
He is the author of “The Making of a Surgeon in the 21st Century,” which is in its third U.S. edition and has been translated into several languages, and “The Big Z: The Life of Robert M. Zollinger, M.D.,” which has been nominated for the Welch Medal, awarded to the most outstanding book on American medical history.
To schedule an appointment with Dr. Miller, call Vascular Surgery at Pardee at 828-693-8019.

Champion Credit Union hires Chappell as development manager

Lori ChappellLori Chappell of Canton has joined Champion Credit Union as the business development manager.
Chappell has a bachelor of science in sport management and a minor in marketing from Western Carolina University. She has worked in the mortgage field in the Asheville and Hendersonville markets. In 2007, she began her career in education, where she was the career development coordinator for Henderson County public schools and most recently a teacher at Canton Middle School.
Chappell will be responsible for leading the business development and community partnership efforts of Champion Credit Union, a community-chartered financial cooperative with branches in Henderson, Haywood, Buncombe, Graham, Swain, Jackson and Madison counties.