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Starbucks, New Braunfels, TX

Starbucks, New Braunfels, TX


Investment Summary

Price $2,789,000
Cap Rate 5.20%
NOI $145,000
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 2,230 SF
Lot Size 1.38 acres (60,113 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
» 10-year corporate net lease to Starbucks Corporation
» 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 $35.98B in annual revenue
» Rare self-maintain language, providing extremely passive Starbucks investment
» New building featuring dedicated drive-thru, providing additional customer convenience and boosting sales revenue

EXCELLENT LOCATION IN FLOURISHING TEXAS SUBURB
» 86,379 residents within a 5-mile radius (60%+ population growth since 2010 and expected to increase by 12%+ by 2028)
» Excellent 1-mile AHHI of $112,028 and expected to grow approx. 8% over the next 5 years
» High-visibility location on Preston Road (30,032 AADT)
» Located near New Braunfels Town Center at Creekside, a major shopping center anchored by retailers such as Target, Best Buy, JCPenney, Belk, DICK’s Sporting Goods, T.J. Maxx, and many more
» New Braunfels has been ranked the second fastest growing city in the U.S. in recent years
» Business and community development is thriving in New Braunfels, with ample opportunity for continued growth for individuals and families, small businesses and large corporations

INFILL LOCATION NEAR MAJOR TEXAS HOSPITAL AND MULTIPLE RESIDENTIAL DEVELOPMENTS AND COMMUNITIES
» Resolute Baptist Hospital is one of only four hospitals in Texas to be listed among the “Best Hospitals in America” as ranked by Money (formerly Money Magazine) and the Leapfrog Group
» This Starbucks maintains beneficial proximity to a plethora of single- and multi-family developments, including West Village at Creekside (400+ homesites), The Overlook at Creekside (a master-planned community), Creekside Crossing, August Fields, Grace Meadows, and Meyers Landing
» Located minutes from brand-new luxury apartment communities such as Bainbridge Creekside (291 units), Avenues at Creekside (395 units), Riverhaus Creekside (281 units), The Landings at Creekside (268 units), and The Current (190 apartments)

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

» Excellent Location: Located near the signalized intersection of Freiheit Road and Creekside Crossing (combined 30,967 AADT)
» Near A Major Retail Center: Located minutes from New Braunfels Town Center at Creekside, a shopping center anchored by Target, JCPenney, DICK’s Sporting Goods, Best Buy, and many other large national retailers, generating high foot traffic in the area
» Ideal Nearby Customer Base: Beneficial proximity to the Walmart and Sam’s Club Distribution Center (700+ employees), the Continental USA Manufacturing Plant (550+ employees), and the Martin Marietta Manufacturing Plant
» Surrounded by Residential Communities: This Starbucks is surrounded by single- and multi-family developments, including West Village at Creekside (400+ homesites), Avenues at Creekside (395 luxury apartments), and Bainbridge Creekside (291 apartments), which will drive consistent customer traffic to this new Starbucks
» Growing Demographics: Within a 5-mile radius of the site, the large and growing population of 86,379 is supported by a substantially high average household income of $108,390 (both the population and AAHI are projected to increase by at least 12%)

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