Starbucks,
Plainview, TX Investment Summary
| Price | $2,191,000 |
| Cap Rate | 5.25% |
| NOI | $115,000 |
| Lease Term | 10 Years |
| Lease Type | Net, With Tenant Responsible For All Taxes And Insurance, Maintenance, Excluding Roof And Structure |
| Rental Increases | 10% Rental Increase In Initial Term And 7.5% In Option Periods |
| Year Built | 2022 |
| Building Size | 1,950 SF |
| Lot Size | 0.88 Acres (38,333 SF) |
| Status | Available |
| 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
10-YEAR CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENTGRADE SINGLE-TENANT ASSET
» 10-year corporate net lease to Starbucks Corporation
» Starbucks self-maintains landscaping and maintenance rarely found with Starbucks leases providing a more passive investment
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Minimal landlord management, attractive for both local and out-of-area investors
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 33,833 locations
» Forbes ranked Starbucks as the world’s second-largest restaurant company and the world’s 393rd largest company overall
» Starbucks consolidated revenues increased 24% to $29.1 billion in fiscal 2021 compared to $23.5 billion in fiscal 2020
» Starbucks opened 484 net new stores in the first quarter of fiscal 2022
NEAR MAJOR AREA EMPLOYERS IN GROWING PLAINVIEW RETAIL CORRIDOR
» Strategic, high-visibility location near the intersection of U.S. Route 70/Olton Road and Interstate 27, with access to a combined 33,398 vehicles per day
» Infill location surrounded by several national retailers, including Walmart Supercenter, Tractor Supply Co., McDonald’s, Burger King, Taco Bell, and many more
» Near a Walmart Distribution Center with 950 employees and Convenant Health (100 beds)
» Minutes from Wayland Baptist University (3,015 students, 410 employees), South Plains College (12,500 students), Hillcrest Elementary School (344 students), LaMesa Elementary School (548 students), and College Hill Elementary school (442 students)
» Surrounded by high-density, single family housing developments and townhouses
» Located near major Plainview attractions and community hubs, including Running Water Draw Park and Plainview Country Club
NEW 2022 CONSTRUCTION IN TAX-FREE STATE
» New building featuring latest Starbucks prototype
» Dedicated dual-lane drive-thru, providing additional customer convenience and boosting sales revenue
» Texas has no state income tax, estate tax, or inheritance tax
Property Description
This Starbucks is strategically positioned near the intersection of U.S. Route 70/Olton Road and Interstate 27, with access to a combined 33,398 vehicles per day. The property is just off the highway in a growing location surrounded by several national retailers, including Walmart Supercenter, Tractor Supply Company, McDonald’s, Burger King, Taco Bell, and many more.
The site is less than one mile from Wayland Baptist University (3,015 students, 410 employees) and is situated near many single family homes and large apartment/townhouse complexes. Additionally, the property is located near major Plainview attractions and community hubs, including Running Water Draw Park and Plainview Country Club. It is also within minutes of a Walmart Distribution Center with 950 employees, Convenant Health (100 beds), and several schools with 3,000+ students combined within five miles of the site.
