Investment Summary
Price | $3,000,000 |
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 |
Rental Increases | Rental Increases Every Five (5) Years |
Year Built | 1995 (Renovated 2023) |
Building Size | 2,696 SF |
Lot Size | .5548 Acres (24,167 SF) |
Status | Sold |
Lead Brokers | Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Executive Managing Director 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
» Fixed rental increases every five years
» 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)
» 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
» 2023 retrofit featuring multiple access points and an exceptional amount of parking with 25 total spaces for added customer convenience
TROPHY LOCATION JUST OFF THE HIGHLY TAFFICKED U.S. HIGHWAY 75
» Strategic location between Dallas and McKinney, just off U.S. Highway 75, which has an impressive traffic count of 246,359 vehicles per day in front of the site
» Less than a minute from the U.S. Highway 75 on/off ramps, making it a quick and easy stop for commuters
» Located within walking distance of a brand-new mixed-use development currently under construction that will be redeveloped into office, retail, and apartment space
» Excellent proximity to major national tenants such as Big Lots, Barnes & Noble, Bed Bath & Beyond, Petco, Michaels, Hobby Lobby, Conn’s HomePlus, Dick’s Warehouse Sale, BJ’s Restaurant & Brewhouse, Goodwill, Ashley Furniture Store, Wells Fargo, and The Home Depot, among may others
DENSELY POPULATED TEXAS SITE NEAR LARGE UNIVERSITY
» Population of 313,104 within five miles, giving the site a large customer base
» Six miles from University of Texas at Dallas – one of the largest public universities in the Dallas area (29,543 students, 1,334 staff)
» Near Downtown Plano and surrounded by major retail, industrial, and housing areas, all helping establish a strong customer base
» Texas is an income tax free state
Property Description
Sold
» This Starbucks has a high-visibility location along U.S. Highway 75, a major thoroughfare that connects Dallas to McKinney and has a traffic count of 246,359 vehicles per day
» The site is uniquely positioned within walking distance of a major new mixed-use development that will include office, retail, and apartment space
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Big Lots, Barnes & Noble, Bed Bath & Beyond, Petco, Michaels, Hobby Lobby, Conners HomePlus, Dick’s Warehouse Sale, BJ’s Restaurant & Brewhouse, Goodwill, Ashley Furniture Store, Wells Fargo, The Home Depot, and many more, creating crossover shopping to the site
» The site greatly benefits from a customer base, with an average annual household income of$121,704 within five miles of the property
» 313,104 residents live within a five-mile radius of the site, providing a large and reliable customer base for Starbucks
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Starbucks and Plano for steady concurrent growth