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Dutch Bros Ground Lease, San Juan, TX

Dutch Bros Ground Lease, San Juan, TX


Investment Summary

Price $1,636,000
Cap Rate 5.50%
NOI $89,931
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 2023
Building Size 950 SF
Lot Size 1.26 acres (55,042 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 years
» Four (4) five (5) year option periods, 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 LOCATION OFF MAJOR TEXAS INTERSTATE WITH 102,577 VPD
» High-visibility and easily accessible location just off Interstate 2 (102,577 AADT)
» Prime interstate access from U.S. 83 Frontage Road (18,000 AADT), with traffic from Interstate 2 funneling directly to the site
» Dense infill location surrounded by many national brand retail tenants including H-E-B Plus!, Walgreens, CarMax, Dollar General Market, O’Reilly Auto Parts, Burger King, Subway and many more
» Located across the street from the H-E-B Plus!-anchored shopping center, positioning the site to capture significant crossover buyer activity
» Conveniently located minutes from Basilica of Our Lady of San Juan del Valle, the second most visited shrine in the U.S. attracting more than 1 million visitors per year
» Less than ten miles from the University of Texas Rio Grande Valley (31,559 students), ranked the #1 public university in Texas by Washington Monthly and Degree Choices

DENSELY POPULATED SOUTH CENTRAL TEXAS COMMUNITY POISED FOR CONTINUOUS GROWTH
» 210,309 residents live within five miles of the site, creating a large and stable customer base for the property
» San Juan, Texas has experienced a population growth of 17% since 2010
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Dutch Bros Coffee and San Juan for steady concurrent growth

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Dutch Bros prototype
» Site features a dual-lane drive-thru and walk-up window for added customer convenience
» Texas is an income tax-free state

Property Description

» Excellent Location: This Dutch Bros is located on U.S. 83 Frontage Road with access to traffic from Interstate 2, exposing the site to more than 120,577 vehicles per day
» Surrounded By Major Traffic Drivers: The site is surrounded by major national retailers such as H-E-B Plus!, Walgreens, CarMax, Dollar General Market, O’Reilly Auto Parts, Burger King, Subway and many more
» Beneficial Proximity to Retail Centers: Ideal location with proximity to multiple shopping centers such as the H-E-B Plus!-anchored center across Interstate 2 and the Pharr Town Center anchored by tenants including Academy Sports + Outdoors, T.J. Maxx, World Market and JOANN Fabric and Crafts, positioning the site to capture significant crossover buyer activity
» Excellent Proximity to Highly-Trafficked Community Hubs: Close proximity to Basilica of Our Lady of San Juan del Valle (the second most visited shrine in the U.S. attracting more than 1 million visitors per year) and the University of Texas Rio Grande Valley (ranked the #1 public university in Texas by Washington Monthly and Degree Choices with 31,559 students)
» Stable Customer Base: Close proximity to Basilica of Our Lady of San Juan del Valle (the second most visited shrine in the U.S. attracting more than 1 million visitors per year) and the University of Texas Rio Grande Valley (ranked the #1 public university in Texas by Washington Monthly and Degree Choices with 31,559 students)
» Growing Demographics: Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Dutch Bros and San Juan for steady concurrent growth

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