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Starbucks, Celina, TX

Starbucks, Celina, TX


Investment Summary

Price $2,630,000
Cap Rate
NOI
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot replacement
Rental Increases 10% rental increases every five (5) years in initial term and 7.5% rental increases every five (5) years in option periods
Year Built 2023
Building Size 2,328 SF
Lot Size 1.031 acres (44,891 SF)
Status Sold
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 10-YEAR NET CORPORATE LEASE TO THE LARGEST COFFEEHOUSE COMPANY IN THE WORLD
» New 10-year corporate net lease to Starbucks Corporation (NASDAQ: “SBUX”)
» Investment-grade tenant, rated “BBB+” by Standard & Poor’s
» 10% rental increases every five (5) years in initial term and 7.5% rental increases in option periods
» Starbucks is the world’s premier coffee company, with over 35,711 locations and $32.3B in annual revenue (an 11% increase from 2021 revenue of $29.1 billion)
» Per Statista, customers go to Starbucks six times per week on average
» Approximately 60 million Starbucks customers are served every week, while approximately four million coffee-based beverages are sold daily
» Rare self-maintain language, providing an extremely passive Starbucks investment

CENTRAL LOCATION IN THE AREA’S PRIMARY RETAIL CORRIDOR NEAR SEVERAL COMMUNITY HUBS
» Walking distance from Prosper High School with over 4,000 students and faculty
» Surrounded by several new retail developments with tenants including 7-Eleven, Dunkin’ Jersey Mike’s Subs, Zips Car Wash and more coming soon
» Just down from a Kroger anchored shopping center with other major national retailers including AutoZone, Chase Bank, Bank of America, Salad and Go among others
» Located just off the signalized intersection of S Preston Rd and W Frontier Pkwy with a combined 35,495 vehicles per day

PROMINENT LOCATION IN RAPIDLY DEVELOPING CITY IN THE DALLAS-FORT WORTH METROPOLITAN AREA
» Celina has been ranked the #1 fastest growing city in North Texas for three years in a row by the Dallas Business Journal
» Walking distance to Cambridge Park Estates, a new residential community that will have over 150 homes
» Population within 5 miles of this Starbucks is projected to increase by more than 29%over the next 5 years poising Starbucks and Celina from strong concurrent growth
» The surrounding area is affluent and densely populated with 96,237 residents and an average household income over $195,594 within 5 miles of the property

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Starbucks prototype
» Site features a drive-thru for added customer convenience
» Texas is an income tax-free state

Property Description

SOLD

» New 10-year corporate net lease to Starbucks Corporation (NASDAQ: “SBUX”)
» Rare self-maintain language, providing an extremely passive Starbucks investment
» Located just off the signalized intersection of North Preston Road and West Frontier Parkway with a combined 49,854 vehicles per day
» Celina has been ranked the #1 fastest growing city in North Texas for three years in a row by the Dallas Business Journal
» Walking distance to Cambridge Park Estates, a new residential community that will have over 150 homes
» New high-quality 2023 construction built to latest Starbucks prototype featuring a dedicated drive-thru

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