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Starbucks, Killeen, TX

Starbucks, Killeen, TX


Investment Summary

Price $2,284,000
Cap Rate 6.00%
NOI $137,000
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof and structure
Rental Increases 10% every 5 years in initial term and 8% in each option period
Year Built 2023
Building Size 1,650 SF
Lot Size 0.792 acres (34,500 SF)
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

10-YEAR CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENT-GRADE TENANT
» New corporate net lease to Starbucks Corporation with rare tenant-maintain lease language: Tenant responsible for all ongoing maintenance directly
» 10% fixed rental increases every five years in initial term and 8% rental increases in option periods
» 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 worldwide and $36B in annual revenue
» New building featuring dedicated drive-thru, providing additional customer convenience and boosting sales revenue

EXCELLENT LOCATION ADJACENT TO THE LARGEST ACTIVE DUTY ARMORED POST IN THE U.S. ARMY
» This Starbucks is located at the signalized intersection of West Rancier Avenue and North 2nd Street with access to more than 22,530 vehicles per day passing directly in front of the site
» Minutes from the main gate to Fort Cavazos, the largest active duty armored post in the U.S. Army spanning more than 300 square miles
» Beneficial proximity to two additional entrance gates to Fort Cavazos – one located along Rifles Lane and another along North 10th Street
» Fort Cavazos occupies 214,968 acres (335 square miles) of Bell and Coryell Counties, 60 miles north of Austin and 50 miles south of Waco
» Fort Cavazos serves a population of about 53,000 active-duty military, civilians, and family members

MILITARY BOOMTOWN CENTRALLY LOCATED BETWEEN DALLAS-FORT WORTH AND SAN ANTONIO
» 305,396 residents live within 15 miles of the site, supported by an average annual household income of $79,530
» Killeen is known as a military “boomtown” because of its rapid growth and high influx of military personnel
» Killeen is 125 miles southwest of Dallas (2023 population of 1,259,404) and 125 miles northeast of San Antonio (2023 population of 1,479,493)

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Starbucks prototype
» Texas has no state income tax, estate tax, or inheritance tax

Property Description

» Easily-Accessible Location: Located at the signalized intersection of West Rancier Avenue and North 2nd Street (combined 22,530 AADT) with multiple access points into the property
» Ideal Nearby Customer Base: Located minutes from multiple entrance gates to Fort Cavazos, the largest active duty armored post in the U.S. Army spanning 214,968 acres (335 square miles) and serving a population of nearly 65,000
» Near High-Traffic Institutions: This site is less than 6 miles from AdventHealth Central Texas (a high-performing medical facility with 245 beds and more than 80,000 employees) and Central Texas College (10,173 students)
» Located in a Military “Boom Town”: Killeen has experienced significant growth due to the establishment and expansion of Fort Cavazos, which has fueled economic development in Killeen and created numerous opportunities for businesses and entrepreneurs to thrive
» Growing Demographics: Within a 15-mile radius of the site, the large and growing population of 305,3963 is supported by an average annual household income of $79,530
(projected to increase by at least 12% over the next 5 years)
» Central Location: This Starbucks in Killeen is located 125 miles southwest of Dallas (2023 population of 1,259,404) and 125 miles northeast of San Antonio (2023 population of 1,479,493)

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