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Starbucks, Merced, CA

Starbucks

Merced, CA

Price $3,750,000
Cap Rate 4.00%
NOI $150,000
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes, Maintenance, And Repair, Excluding Roof (15-Year Transferable Warranty) And Structure
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 2,200 SF
Lot Size 0.84 Acres (36,590 SF)
Status Available
Lead Broker Information 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, INVESTMENT GRADE SINGLE-TENANT ASSET
» 10-year corporate net lease to Starbucks Corporation
» 10% fixed rental increases every five years, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 33,833 locations and $29.1 billion in annual revenue
» New 2022 construction with dedicated drive-thru for added customer convenience
» Freeway pylon signage to over 43,000 vehicles per day

HIGH-TRAFFIC LOCATION IN GROWING CALIFORNIA RETAIL CORRIDOR
» High-visibility location at the four-way intersection of South Coffee Street and Campus Parkway
» Immediate access to State Route 99/Golden State Highway (43,000 AADT)
» Located near Campus Parkway, providing direct access to UC Merced and State Route 140 (Yosemite’s all weather route from State Route 99)
» Located within Merced Gateway Retail Center, a 77-acre mixed-use commercial development to feature several shops, restaurants, entertainment venues, a fire station, and approximately 200 apartment units
» Project is expected to create approximately 2,700 new jobs and generate $30 million a year in sales tax revenue

STRONG CUSTOMER BASE POISED FOR FUTURE GROWTH
» Within walking distance of Golden Valley High School (1,716 students)
» Population of 83,808 within a five-mile radius
» Poised to benefit from growing and expanding retail trade area
» Merced’s population has grown faster than the state average since 1980
» UC Merced’s 2020 Project, a massive $1.3 billion expansion initiative, is projected to bring an additional 3,500 college students to Merced over the next three years


Property Description

» The property is conveniently located at the four-way intersection of South Coffee Street and Campus Parkway
» The location features immediate access to State Route 99/Golden State Highway (43,000 AADT), significantly increasing traffic and visibility to the site
» This Starbucks is located within Merced Gateway Retail Center, a 77-acre mixed-use commercial development to feature several shops, restaurants, entertainment venues, a fire station, and approximately 200 apartment units
» Merced Gateway Retail Center is expected to create approximately 2,700 new jobs and generate $30 million a year in sales tax revenue
» The property is centrally located near large schools and major employers. The site is walking distance from Golden Valley High School (1,716 students) and 8 miles from UC Merced, a major area employer and community hub (1,500 students, 9,000+ employees)
» The site is across the street from Campus at Parkway Plaza, a new mixed-use commercial development to feature four QSR restaurants, two dine-in restaurants, a gas station, and a five-story, 134-room hotel (under construction)

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