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Dutch Bros, Waco, TX

Dutch Bros, Waco, TX


Investment Summary

Price $2,100,000
Cap Rate
NOI
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 +/- 950 SF
Lot Size 1.19 acres (51,836 SF)
Status Closed
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 – valued at $4.10B as of September 2023
» 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

HIGH TRAFFIC LOCATION SURROUNDED BY MAJOR NATIONAL RETAILERS AND MAJOR INDUSTRIAL EMPLOYERS
» Prominent location along the junction of State Highway Spur No. 298 / Franklin Avenue and State Loop 396 / Valley Mills Drive with excellent visibility (combined 66,341 vehicles per day)
» Dense retail corridor with nearby notable tenants such as Walmart Supercenter, Tractor Supply Co, Planet Fitness, Lowe’s, Academy Sports + Outdoors, Gold’s Gym, and others
» Less than 3 miles from Waco’s major industrial employers such as Mars Wrigley Confectionery (600+ employees), Howmet Aerospace (487 employees), Sherwin-Williams Distribution Center (381 employees), Central Texas Ironworks (240 employees), Amazon Warehouse, Coca-Cola Southwest Beverages, and more
» Less than 4 miles from Ascension Providence (the second-largest employer in Greater Waco, with 2,518 people on its payroll) and the Doris Miller VA Medical Center (900 employees)

POPULOUS TEXAS SUBURB
» Population of 140,266 within a five-mile radius
» Average annual household income of $71,790 within five miles of the site (projected 13%+ increase by 2028)
» Well-positioned in Waco MSA with an estimated population of 142,241 in 2023
» Centrally located between 3 populous Texas cities: Dallas (the third most populous city in Texas with 1.3M residents), Forth Worth (918,915 residents), and Austin (961,885 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 by the end 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

SOLD

» High Traffic Location At the Confluence of 2 Major Thoroughfares: Prominent location at the junction of State Highway Spur No. 398 / Franklin Avenue and State Loop 396 / Valley Mills Drive (combined 66,341 AADT)
» Convenient Location Near Waco’s Major Industrial Employers: Less than 3 miles from Waco’s major industrial employers including Mars Wrigley Confectionery (600+ employees), Howmet Aerospace (487 employees), Sherwin-Williams Distribution Center (381 employees), Central Texas Ironworks (240 employees), Amazon Warehouse, Coca-Cola Southwest Beverages, and more
» Dense Retail Corridor: Well-positioned near notable tenants such as Walmart Supercenter, Tractor Supply Co, Planet Fitness, Lowe’s, Academy Sports + Outdoors, and numerous others
» Ideal Nearby Customer Base: Within a 5-mile radius of this site, there are 140,266 people supported by an average household income of $71,790, providing an ideal customer base
» Beneficial Proximity to Local Hospitals: Less than 4 miles from Ascension Providence (the second-largest employer in Greater Waco, with 2,518 people on its payroll) and the Doris Miller VA Medical Center (900 employees)

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