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Dutch Bros Ground Lease, Corsicana, TX

Dutch Bros Ground Lease, Corsicana, TX


Investment Summary

Price $1,634,000
Cap Rate 5.25%
NOI $85,778
Lease Term 15 years
Lease Type Absolute NNN ground lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2024
Building Size 952 SF
Lot Size 1.03 acres (44,867 SF)
Status Available
Lead Brokers Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE WITH CORPORATE GUARANTY
» New 15-year corporate absolute NNN ground lease with 10% rental increases every five (5) years
» Four (4) five (5) year option periods of five (5) years each, providing a passive long-term income generator
» Dutch Bros (NYSE: “BROS”) went public in 2021 – valued at $4.88B as of February 2024
» Dutch Bros Inc. is one of the fastest-growing brands in the food service and restaurant industry in the U.S. by location count with 879 locations across 17 states
» In 2023, Dutch Bros opened 159 new shops across 13 states and reported a 30.7% growth of total revenues to $965.8M (compared to $739M in 2022)

PRIME CENTRAL LOCATION ACROSS FROM WALMART SUPERCENTER
» High-visibility and easily accessible location along State Highway 31 West, with access to 16,264 vehicles per day
» Across the street from a Walmart Supercenter-anchored shopping center, driving consistent traffic to the location and positioning Dutch Bros to capture significant crossover buyer activity
» Surrounded by national brand retail tenants including ALDI, McDonald’s, Murphy USA, Tractor Supply Co, Burger King, Exxon, H-E-B, KFC, O’Reilly Auto Parts, and many others
» One mile from Navarro College (7,131 students and 675 employees) and less than two miles from Corsicana High School (1,761 students and 152 staff)
» 1.5 miles from Navarro Regional Hospital, with 160+ total staffed beds and $452,989,637 gross patient revenue
» Centrally located near Corsicana Schools and community hubs including Corsicana Middle School (935 students), Jose Antonio Navarro Elementary (581 students), IOOF Park, Navarro Junior College Baseball Fields, Stuart J. Beebe Athletic Complex, and several others
» 28,767 residents live within five miles of the site, establishing a stable customer base for Dutch Bros
» Average annual household income increases within 1-, 3-, and 5-mile radii over the next five years poise Corsicana and Dutch Bros for steady concurrent growth

NEW 2024 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2024 construction built to latest Dutch Bros prototype
» Site features a dual-lane drive-thru and walk-up window for added customer convenience
» Site features a large parcel of 1.03 acres with ample parking
» Positioned between two newly developed QSR assets, McDonald’s and Layne’s Chicken Fingers
» Texas is an income tax-free state

Property Description

» This Dutch Bros has a high-visibility and easily accessible location along State Highway 31 West, with access to 16,264 vehicles per day
» The property resides across the street from a Walmart Supercenter-anchored shopping center, driving consistent traffic to the location, and positioning Dutch Bros to capture significant crossover buyer activity
» The site is surrounded by national brand retail tenants including Walmart Supercenter, ALDI, McDonald’s, Murphy USA, Tractor Supply Co, Burger King, Exxon, H-E-B, KFC, O’Reilly Auto Parts and many others
» This Dutch Bros is one mile from Navarro College, servicing 7,139 students and 675 employees
» The location is less than two miles from Corsicana High School, which features an enrollment 1,761 students and employees 152 staff
» The site is beneficially located 1.5 miles from Navarro Regional Hospital, with 160+ total staffed beds and $452,989,637 gross patient revenue
» Centrally located near Corsicana schools and community hubs including Navarro College (7,139 students), Corsicana Middle School (935 students), Jose Antonio Navarro Elementary (581 students), IOOF Park, Navarro Junior College Baseball Fields, Stuart J. Beebe Athletic Complex, and several others
» AAHI increases within 1, 3, and 5-mile radii over the next five years poise Corsicana and Dutch Bros for steady concurrent growth

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