FOR SALE > STARBUCKS DRIVE-THRU

Transcription

1 SENIOR VICE PRESIDENT

2 Property Photos SENIOR VICE PRESIDENT

3 Harrison Street Tyler Avenue SENIOR VICE PRESIDENT

4 Investment Overview Colliers International is proud to present this single tenant Starbucks offering, with a drive-thru, in Harlingen, Texas. This location is corporately guaranteed by Starbucks Corporation. Conveniently located off the freeway at the junction of Highway 77 and Highway 83, this site is a street-frontage pad to a Walgreens anchored center. Starbucks enjoys a very favorable location in a predominately retail corridor. Across the street is a 10 screen CineMark movie theatre, and a Chili s Restaurant. In addition to the Walgreens, in close proximity to the Starbucks site is Pizza Hut, Burger King, Golden Corral, Circle K, Office Depot and many others. Across Highway 77 is the Valle Vista Mall, owned by powerhouse, Simon Malls. Valle Vista Mall is an outdoor mall with approximately 82 stores such as, JCPenney, Sears, Marshalls, Dillard s, etc. Adjacent to the mall are such notable tenants as Wal-Mart, Target, Hobby Lobby, Michael, Kohl s, and many others. The building was built in 2008 and the lease with Starbucks commenced on March 28, 2008 and shall expire on March 31, 2024 with three 5-year options. The lease is structured as a double-net lease, with landlord responsible for roof and structure. Lease Guarantee: Starbucks Corporation Drive-Thru: Yes Center s Anchor: Walgreens Original Commencement Date: March 28, 2008 Lease Type: NNN* Roof & Structure: Landlord Term Remaining: 9½ years Current NOI: $76, *Owner obligations are roof and structure (cinderblock building) which are fully insured by Texas Windstorm Insurance and CNA (casualty and liability), which Starbucks fully reimburses landlord for both. Starbucks also reimburses landlord for all center s common area charges. Landlord has zero out of pocket expenses. SENIOR VICE PRESIDENT

5 Summary Tenant Name: Starbucks Corporation Location: 1816 W. Tyler Avenue, Harlingen, TX Price: $1,299,786 Cap Rate: 5.85% Price Per Sq. Ft.: $742 Building Sq. Ft.: 1,750 Land Sq. Ft.: 15,246 Income Summary Lease Years Monthly Installment Annual Rent CAP Rate 5-10 (Current - 3/31/2018) (04/01/ /31/2024) (04/01/ /31/2029) (04/01/ /31/2034) $6, $76, % $6, $79, % $6, $83, % $7, $92, % Year Built: 2008 A.P.N.#: (04/01/ /31/2039) $8, $101, % Lease Guarantor: Starbucks Corp. Lease Type: NNN* Lease Commencement: March 28, 2008 Lease Expiration: March 31, 2024 Rental Increases: 5% from years 11-16, then 10% every 5 years Option Periods: Three 5-year *Owner obligations are roof and structure (cinderblock building) which are fully insured by Texas Windstorm Insurance and CNA (casualty and liability), which Starbucks fully reimburses landlord for both. Starbucks also reimburses landlord for all center s common area charges. Landlord has zero out of pocket expenses. SENIOR VICE PRESIDENT

6 Tenant Overview Named after the first mate in Herman Melville s Moby Dick, Starbucks is an American global coffee company leading the world in the sale of coffee, teas, pastries, and snacks. Opening a store every two days on average, today Starbucks enjoys over 20,000 locations worldwide. Credit Rating: Stock Symbol: A- (S&P) SBUX (Nasdaq) No. of Locations: 20,000+ Headquarters: Website: Seattle, WA Since the beginning, Starbucks has been a different kind of company. Recent awards and recognition. No. 1 Best Coffee, Fast Food and Quick Refreshment categories Zagat s Survey of National Chain Restaurants No. 1 Most Popular Quick Refreshment Chain Zagat s Survey of National Chain Restaurants One of The 100 Best Companies to Work For Fortune , One of the Most Admired Companies in America Fortune One of the World s 50 Most Innovative Companies Fast Company One of the World s Most Ethical Companies Ethishphere One of the 100 Best Corporate Citizens Corporate Responsibility / Business Ethics Sustainability Design Award Global Green USA Most Ethical Company, European Coffee Industry Allegra Strategies Business Person of the Year, Howard Schultz, Starbucks chairman, president and chief executive officer. SENIOR VICE PRESIDENT

7 Area Highlights Located at the junction of Hwy 77 and Hwy 83 Situated in a Walgreens anchored center Surrounded by national tenants Vivacious retail corridor across from a 10 screen CineMark Theater Starbucks with a drive-thru Location Map City of Harlingen, Texas Harlingen is a city in Cameron County in the heart of the Rio Grande Valley south Texas, United States, about 30 miles (48 km) from the coast of the Gulf of Mexico. The city covers more than 34 square miles (88 km2), and is the second largest city in Cameron County and the sixth largest in the Rio Grande Valley. As of the 2010 Census the city had a total population of 64,849 and grew 12.5% since the 2000 Census. It is also the city with the cheapeast cost of living in the United States. Demographics Est. 1 Mile 3 Mile 5 Mile Population: 7,627 63,931 93,653 Avg. HH Income: $30,907 $42,650 $45,370 SENIOR VICE PRESIDENT