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Starbucks, Houston, TX

Starbucks, Houston, TX


Investment Summary

Price $2,625,000
Cap Rate 5.00
NOI
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance Directly, Excluding Capital Expenditures (Roof Replacement, Structure, And Parking Lot Replacement)
Rental Increases 10% Rental Increases Every Five (5) Years, Including Options
Year Built 2022
Building Size 2,000 SF
Lot Size 0.63 Acres (27,443 SF)
Status Closed
Lead Brokers 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

Jack Hinson
Brokerage
704.572.9921
jack.hinson@cushwake.com
CA RE License #02059267

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 WITH RARE SELF MAINTAIN LEASE
» New 10-year corporate net lease to Starbucks Corporation with rare self-maintain lease language: Tenant responsible for all ongoing maintenance directly
» 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 (11% increase from 2021 revenue of $29.1 billion)
» High-quality 2022 construction featuring a dedicated drive-thru lane, providing additional customer convenience, and boosting sales revenue

PROMINENT LOCATION ALONG TOMBALL PARKWAY WITH ACCESS TO OVER 45K VPD IN A DENSE RETAIL CORRIDOR
» Strategic location along State Highway 249/Tomball Parkway with excellent visibility and access to 67,000+ vehicles per day (23,210 AADT along Antoine Drive)
» Beneficial proximity to major Texas thoroughfares, Interstate 45 (319,640 AADT) and Sam Houston Tollway (182,012 AADT)
» Near high-performing Walmart (2.5M visitors in 2022) and Kroger (1.1M visitors in 2022)
» Central location with nearby notable tenants CVS Pharmacy, Chick-fil-A, McDonald’s, Jiffy Lube, Chase Bank and more drawing significant cross over traffic to the site
» 3.7 miles from Lone Star College-Houston North Victory (2,603 students)
» Well positioned along one of the main routes to Willowbrook Mall (140+ stores, 109 million shoppers per year), Houston Methodist Willowbrook Hospital (358 beds), and St. Luke’s Hospital at The Vintage (106 beds)

DENSELY POPULATED HOUSTON SUBURB POISED FOR GROWTH
» Dense population with more than 125,000 residents within a three-mile radius and 320,378 within five miles of the property (12% growth since 2010), creating a large and reliable customer base for the site
» Surrounded by high-density, single-family housing developments, and large townhouse complexes
» 14 miles from George Bush Intercontinental Airport (45 million annual passengers), Houston’s largest airport and the 16th busiest airport in North America, according to ACI-NA
» Approximately 30 minutes from Downtown Houston, the fourth-most populous city in the U.S. with a population of over 2.3 million and 7.2 million in the Houston MSA
» Texas has no state income tax

Property Description

SOLD

» This Starbucks is located along State Highway 249/Tomball Parkway with excellent visibility and access to 67,000+ vehicles per day and maintains beneficial proximity to major Texas thoroughfares, Interstate 45 (319,640 AADT), and Sam Houston Tollway (182,012 AADT)
» The property is centrally located between Walmart Supercenter and Kroger with nearby notable tenants CVS Pharmacy, Chick-fil-A, McDonald’s, Jiffy Lube, and Chase Bank drawing significant cross-over traffic to the site
» The location is just 3.7 miles from Lone Star College-Houston North Victory (2,603 students) and well-positioned along Tomball Parkway, one of the main routes to Willowbrook Mall (140+ stores, 109 million shoppers per year), Houston Methodist Willowbrook Hospital (358 beds), and St. Luke’s Hospital at The Vintage (106 beds)
» The site is supported by a dense population with more than 125,000 residents within a three-mile radius and of 320,378 within a five-mile radius (12% growth since 2010)
» The site is 14 miles from George Bush Intercontinental Airport (45 million annual passengers), Houston’s largest airport and the 16th busiest airport in North America, according to ACI-NA
» Approximately 30 minutes from Downtown Houston, the fourth-most populous city in the U.S. with a population of over 2.3 million

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