Investment Highlights

SOLD
NEW 20-YEAR NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES TO INVESTMENT-GRADE TENANT
» 20-year corporate NNN ground lease to Starbucks Corporation
» 10% fixed rental increases every five years in the initial term and option periods, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Minimal landlord management, attractive for both local and out-of-area investors
» New 2022 construction featuring latest Starbucks prototype and a drive-thru for added customer convenience

HIGH-VISIBILITY LOCATION IN BRAND NEW EVERGREEN VILLAGE MIXED-USE DEVELOPMENT
» Located in Evergreen Village, a brand new 20-acre mixed-use center currently zoned for retail stores, restaurants, professional offices, medical use establishments, and more
» High-traffic location along Cochrane Road (34,872 ADT), significantly increasing traffic to the site
» Projected 12 percent AHI increase within a one-mile radius of the site in the next five years, poising Evergreen Village for significant growth
» Over 49,000 vehicles per day at the intersection of Cochrane Road and Butterfield Boulevard, increasing visibility to the property (busiest intersection in Morgan Hill)
» Convenient access to U.S. Route 101, a major north-south U.S. thoroughfare which experiences a high traffic count of 147,100 vehicles per day

LOCATED IN DENSELY POPULATED AND AFFLUENT BAY AREA RETAIL CORRIDOR
» $173,359 average household income within a five-mile radius of the location
» Population of 55,034 within five miles of the property
» Located near the only Walmart Supercenter location within a 15-minute drive of the site, increasing traffic to the property
» Irreplaceable infill location that is walking distance from a strong mix of national retailers, including In-N-Out Burger, McDonald’s, Hobby Lobby, Chipotle Mexican Grill, Panda Express, Denny’s, 7-Eleven, and many more
» Within three miles of four high schools, increasing lunch-time traffic to the site (combined enrollment of 2,717 students)

Property Description

SOLD
This Starbucks is conveniently located along Cochrane Road, which experiences a high traffic count of 34,872 vehicles per day directly in front of the property. The location is strategically placed within Evergreen Village, a brand new 20-acre mixed-use center currently zoned for retail stores, restaurants, professional offices, medical use establishments, and more. Evergreen Village is located at the intersection of Cochrane Road and Butterfield Boulevard, which has a combined traffic count of over 49,000 ADT. The property is primed to grow along with the surrounding area, with a projected 12 percent average annual household income increase within one mile of Evergreen Village in the next five years. The location also maintains convenient access to U.S. Route 101, a major north-south U.S. thoroughfare, which experiences a traffic count of 147,100 vehicles per day.

Visibility to the property is increased by the site’s centralized location in a densely populated and affluent Bay Area retail corridor. The average household income within five miles of the property sits at a robust $173,359, with 55,034 residents living within that same five-mile radius. The property is located near the only Walmart Supercenter location within a 15-minute drive of the site, increasing traffic to the property. The site maintains an irreplaceable infill location that is walking distance from a strong mix of national retailers, including In-N-Out Burger, McDonald’s, Hobby Lobby, Chipotle Mexican Grill, Panda Express, Denny’s, 7-Eleven, and many more. The property also resides within three miles of four high schools (combined enrollment of 2,700+ students), increasing lunch-time traffic to the site.