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Harrison Street Tyler Avenue
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 is a 10 year initial term with four 5-year increases. 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 Lease Term: 10 Years Lease Type: NN Roof & Structure: Landlord Term Remaining: Five (5) years Current NOI: $76,037.50
Summary Income Summary Tenant Name: Location: Starbucks Corporation 1816 W. Tyler Avenue, Harlingen, TX Lease Years Monthly Installment Annual Rent 1-5 $5,760.42 $69,125.00 Price: $1,125,925 Cap Rate: 6.75% Price Per Sq. Ft.: $643 Building Sq. Ft.: 1,750 Land Sq. Ft.: 15,246 6-10 $6,336.46 $76,037.50 11-15 $6,970.10 $83,641.25 16-20 $7,667.12 $92,005.38 21-25 $8,433.83 $101,205.91 26-30 $9,277.21 $111,326.50 Year Built: 2007 A.P.N.#: 221102-0010-002000 Lease Guarantor: Lease Type: Starbucks Corp. NN Lease Commencement: March 28, 2008 Lease Expiration: April 1, 2018 Rental Increases: Option Periods: 10% every five (5) years Four 5-year
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: BBB (S&P) Stock Symbol: SBUX (Nasdaq) No. of Locations: 20,000+ Headquarters: Seattle, WA Website: www.starbucks.com 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 - 2009-2011 No. 1 Most Popular Quick Refreshment Chain Zagat s Survey of National Chain Restaurants - 2009-2011 One of The 100 Best Companies to Work For Fortune - 1998-2000, 2002-2012 One of the Most Admired Companies in America Fortune - 2003-2012 One of the World s 50 Most Innovative Companies Fast Company - 2012 One of the World s Most Ethical Companies Ethishphere - 2007-2012 One of the 100 Best Corporate Citizens Corporate Responsibility / Business Ethics - 2000-2012 Sustainability Design Award Global Green USA - 2011 Most Ethical Company, European Coffee Industry Allegra Strategies - 2009-2011 Business Person of the Year, Howard Schultz, Starbucks chairman, president and chief executive officer.
Area Highlights Location Map 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 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 - 2012 Est. 1 Mile 3 Mile 5 Mile Population: 7,627 63,931 93,653 Avg. HH Income: $30,907 $42,650 $45,370