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Starbucks, Hickory, NC

Investment Summary

Price $2,357,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof And Structure
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2023
Building Size 2,500 SF
Lot Size 1.639 Acres (71,394 SF)
Status Closed
Lead Brokers 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

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

10-YEAR CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENTGRADE TENANT
» 10-year corporate net lease to Starbucks Corporation
» 10% fixed rental increases every five years, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 35,711 locations and $32.3 billion in annual revenue

PRIME LOCATION OUTPARCEL TO WALMART NEIGHBORHOOD MARKET
» Strategically located outparcel to St. Stephens Village, a Walmart Neighborhood Market anchored shopping center
» Located along 24th Street NE/McDonald Pkwy NE with access to 20,500 vehicles per day directly in front of the site
» Near several national tenants, including Walmart Neighborhood Market, Walgreens, Arby’s, Zaxby’s, McDonald’s, Taco Bell, Sheetz, O’Reilly Auto Parts, Dollar Tree, Burger King and more
» Beneficial proximity to Spring Road NE and access to 23,500 vehicles per day

PROMINENT SITE WITH A STRONG AND GROWING NORTH CAROLINA CUSTOMER BASE
» Population of 73,274 within a five-mile radius, creating a reliable customer base for the site
» Affluent area with average annual household income of $81,960 within five miles of the location
» 40% of the world’s fiber optic cable is made in the Hickory area
» Projected average annual household income growth of more than 18% within 1-, 3-, 5-mile radii over the next five years, poising Starbucks and Hickory for steady concurrent growth

2023 CONSTRUCTION BUILT TO LATEST STARBUCKS PROTOTYPE
» New 2023 construction with dedicated double drive-thru and an exceptional amount of parking with 34 total spaces for added customer convenience

Property Description

SOLD

» This Starbucks is strategically located outparcel to St. Stephens Village, a Walmart Neighborhood Market anchored shopping center
» The site is located near several national tenants, including Walmart Neighborhood Market, Walgreens, Arby’s, McDonald’s, Taco Bell, Sheetz, O’Reilly Auto Parts, Dollar Tree, Burger King and more
» This new Starbucks is prominently located just off the signalized intersection of Spring Road NE and 24th Street NE (combined 44,000 AADT)
» Projected annual household income growth of more than 18% within 1-, 3-, 5-mile radii over the next five years, poising Starbucks and Hickory for steady concurrent growth

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