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Dutch Bros, Tyler, TX

Investment Summary

Price $2,216,000
Cap Rate 5.40%
NOI $119,617
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 955 SF
Lot Size 1.089 acres (47,437 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 LEASE TO PUBLICLY TRADED COFFEE TENANT
» New 15-year absolute NNN corporate lease with 10% rental increases every five years
» Dutch Bros (NYSE: “BROS”) went public in 2021 – now valued at over $6.4 billion
» 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 847 locations across 15 states
» In Q2 2023, quarterly revenue increased 34% to $250M and 38 new system-wide shops opened

WALMART OUTPARCEL IN HIGH TRAFFIC LOCATION SURROUNDED BY MAJOR NATIONAL RETAILERS
» Prominent location outparcel to Walmart Supercenter along State Highway 31 / East Front Street with excellent visibility and access to 19,118 vehicles per day
» Just off the signalized intersection of State Highway Loop 323 and State Highway 31 / East Front Street with over 44,000 combined vehicles per day at the intersection
» Dense retail corridor with nearby notable tenants such as Walmart Supercenter, ALDI,
7-Eleven, Raising Cane’s, Starbucks, McDonald’s, Taco Bell, KFC, Dairy Queen, and others
» 2.6 miles from UT Health Tyler (502 beds; 2,384 employees) and CHRISTUS Mother Frances Hospital – South Tyler (457 beds)
» Less than three miles from the University of Texas at Tyler (200-acre campus; 10,000 students; 1,201 employees), and Tyler Junior College, one of the largest community colleges in Texas (137-acre campus; 13,000 students; 554+ employees)

POPULOUS TEXAS SUBURB
» Population of 95,989 within a five-mile radius
» Average annual household income of $79,941 within five miles of the site (projected 11%increase by 2028)
» Gateway to Dallas, the third-largest city in Texas (1.3 million residents)

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

Property Description

» Absolute NNN Corporate Lease: New 15-year absolute NNN corporate lease with 10% rental increases every five years
» Outparcel to Walmart Supercenter: Prominent location along State Highway 31 with excellent visibility and access to 19,118 vehicles per day
» Excellent Location: Just off the signalized intersection of Southeast Loop 323 and State Highway 31 E with over 44,000 combined vehicles per day at the intersection
» Dense Retail Corridor: Well-positioned near notable tenants such as Walmart Supercenter, ALDI, 7-Eleven, Raising Cane’s, Starbucks, McDonald’s, Taco Bell, KFC, Dairy Queen, and numerous others
» Ideal Nearby Customer Base: 2.6 miles from UT Health Tyler (502 beds, 2,384 employees) and CHRISTUS Mother Frances Hospital – South Tyler (457 beds)
» Beneficial Proximity to Well-Attended Schools: Less than 3 miles from the University of Texas at Tyler (10,000 students, 1,201 employees, 200-acres), and Tyler Junior College, one of the largest community colleges in Texas (137-acre campus, 554+ employees, 13,000 students)
» Gateway to Dallas: The city of Tyler is a gateway to Dallas, the third-largest city in Texas with 1.3 million residents

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