New 10 year Reimbursable Triple Net Lease Starbucks With 10% escalations every 5 years At Target Anchored Cypress Towne Center Intersection of US 290 & Spring Cypress Road, Cypress (Houston), TX 77410 Property Summary: This Starbucks with drive-thru was constructed in in 2007 and consists of a 1,740 sq ft ft building situated on.52 acres. The property is is a pad site to to the newly developed, 367,846 sf sfcypress Towne Center. The center s tenants include Target, TJ Maxx, Bed, Bath & Beyond, Office Depot, Famous Footwear, Ross Dress For Less, PetSmart, Pier 1, 1, Dress Barn, Pearl Vision, Sally Beauty, Best Buy and Mattress Firm among others. Other pad sites in in the center include Capital One, Chili s, Quizno s, T-Mobile, Chick-Fil-A, Hibernia National Bank, National Tire & Battery, Spring Creek Bar-B-Que, and Taco Cabana. Adjacent to to the center is is a new Lowe s, and directly across the highway is is a Wal-Mart Supercenter, a Home Depot and a Kroger s anchored shopping center. The daily traffic counts for Spring Cypress Road are approximately 67,000 VPD westbound and 84,000 VPD eastbound on HWY 290. Cypress is is approximately 25 miles north west of Houston. Average household income within 3 miles is is over $100,000 with estimated annual population growth of 5.9%. Price and Cap: We offer this property at at $1,141,440 which is is a 6.25% cap rate on a NOI of $71,340 ($41.00 psf). Tenant: Starbucks Corp. (NYSE: SBUX / S&P: BBB+ / www.starbucks.com ) Starbucks Corporation engages in in the purchase, roasting, and sale of whole bean coffees worldwide and the sale of brewed coffees, espresso beverages, cold blended beverages, various complementary food items, coffee-related accessories and equipment, a selection of premium teas, and a line of compact discs through its retail stores. The company's brand portfolio includes superpremium Tazo teas, Starbucks Hear Music compact discs, Seattle's Best Coffee, and Torrefazione Italia coffee. It It operates retail stores primarily in in the United States, Canada, the United Kingdom, Thailand, Australia, Germany, China, Singapore, Puerto Rico, Chile, and Ireland. As of September 30, 2007, the company operated 8,505 retail stores. Starbucks was founded in in 1985 and is is based in in Seattle, Washington. Lease Summary: Term: 10 years and 6 months Rent: $71,340 with 10% escalation every 5 years Rent Commencement: 9/10/2007 Expiration Date: 2/28/2018 Options: 4 (5 yr) options with 10% escalations Lease Type: This is is a reimbursable triple net lease. Landlord is is responsible for maintaining the roof and structure including exterior walls, the cost of which is is reimbursed by tenant plus a 15% administrative fee. Landlord maintains insurance on the property and pays the real estate taxes and is is reimbursed by the tenant for 100% of these expenses via monthly estimated payments. Tenant is is responsible for repairs and replacements for HVAC, storefront glass, windows, doors and the interior of the leased premises. The common areas of the shopping center are the responsibility of the owner of the shopping center and tenant will pay its pro-rata share of CAM to to the Landlord who will pay the shopping center owner. At Landlord s option, Landlord may enter into a management agreement with the shopping center management company to to perform Landlord s responsibilities on a fee basis.
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DEMOGRAPHIC PROFILE 2000 Census, 2007 Estimates & 2012 Projections Calculated using Proportional Block Groups Lat/Lon: 29.9665/-95.6914 Starbucks May-08 3.00 mi radius 5.00 mi radius 7.00 mi radius MARITAL STATUS RACE INCOME AGE HOUSEHOLDS POPULATION & SEX 2007 Estimated Population 21,501 77,753 189,303 2012 Projected Population 27,853 93,415 218,088 2000 Census Population 11,706 53,443 146,109 1990 Census Population 4,387 28,598 89,543 Historical Annual Growth 1990 to 2007 22.9% 10.1% 6.6% Projected Annual Growth 2007 to 2012 5.9% 4.0% 3.0% 2007 Est. Households 6,885 25,204 62,588 2012 Est. Households 8,840 30,024 71,442 2000 Census Households 3,791 17,529 49,015 1990 Census Households 1,411 9,256 29,766 Historical Annual Growth 1990 to 2007 22.8% 10.1% 6.5% Projected Annual Growth 2007 to 2012 5.7% 3.8% 2.8% 2007 Population 0 to 9 Years 19.3% 18.9% 18.1% 2007 Population 10 to 19 Years 14.4% 15.3% 15.7% 2007 Population 20 to 24 Years 3.7% 4.2% 4.7% 2007 Population 25 to 44 Years 34.5% 33.2% 32.3% 2007 Population 45 to 59 Years 19.7% 20.3% 20.6% 2007 Population 60 to 74 Years 6.5% 6.4% 6.6% 2007 Population 75 Years Plus 1.7% 1.8% 2.0% 2007 Est. Median Age 32.4 32.7 32.8 2007 Male Population 50.1% 50.0% 49.9% 2007 Female Population 49.9% 50.0% 50.1% Married Base (15yrs+) 15,569 56,391 138,532 Never Married 16.3% 17.5% 19.5% Now Married 72.8% 70.7% 67.1% Separated, Divorced or Widowed 10.8% 11.8% 13.4% Households with Kids 54.4% 53.8% 51.8% Average Household Size 3.1 3.1 3.0 2007 Est. HH Income $200,000 or More 9.4% 8.6% 7.4% 2007 Est. HH Income $150,000 to 199,999 10.4% 10.1% 9.0% 2007 Est. HH Income $100,000 to 149,999 29.7% 27.5% 25.3% 2007 Est. HH Income $75,000 to 99,999 19.6% 18.5% 17.6% 2007 Est. HH Income $50,000 to 74,999 14.1% 15.6% 17.8% 2007 Est. HH Income $35,000 to 49,999 6.7% 8.2% 9.8% 2007 Est. HH Income $25,000 to 34,999 5.3% 5.0% 5.8% 2007 Est. HH Income $15,000 to 24,999 2.5% 3.3% 4.1% 2007 Est. HH Income $0 to 14,999 2.3% 3.1% 3.1% 2007 Est. Average Household Income $102,115 $98,412 $91,828 2007 Est. Median Household Income $100,472 $95,842 $89,230 2007 Est. Per Capita Income $32,973 $32,037 $30,703 Number of Businesses 498 1,489 4,988 Total Number of Employees 6,129 16,430 50,048 2007 Estimated Population 21,501 77,753 189,303 2007 Est. White Population 88.6% 86.2% 83.8% 2007 Est. Black or African American 3.7% 4.6% 5.5% 2007 Est. American Indian & Alaska Native 0.2% 0.3% 0.3% 2007 Est. Asian & Pacific Islander 3.3% 4.4% 5.3% 2007 Est. Two or more and Other Races 4.2% 4.5% 5.1%