MichiganRetail Encore closes sale of Starbucks in affluent Michigan community February 15, 2020 Share on Facebook Share on Twitter Share on LinkedIn Share via email Encore Real Estate Investment Services closed the sale of a single-tenant net-leased Starbucks in the affluent neighborhood of Grosse Point Woods, Michigan. The investment is a free-standing building on an absolute triple-net lease. This Starbucks had 18 months remaining on the lease at the time of sale. Evan Lyons of Encore represented the Utah-based seller. The California buyer was represented by an outside broker. The asset closed within 99 percent of list price at a 6.19 percent cap rate. Lyons was able to achieve a sales price per-square-foot of $846.