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Starbucks, Plainview, TX

Starbucks

Plainview, Texas

Price $2,422,000
Cap Rate 4.75%
NOI $115,000
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes And Insurance, Maintenance, Excluding Roof And Structure
Rental Increases 10% Rental Increase In Initial Term And 7.5% In Option Periods
Year Built 2022
Building Size 1,950 SF
Lot Size 0.88 Acres (38,333 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, INVESTMENTGRADE SINGLE-TENANT ASSET
» 10-year corporate net lease to Starbucks Corporation
» Starbucks self-maintains landscaping and maintenance rarely found with Starbucks leases providing a more passive investment
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Minimal landlord management, attractive for both local and out-of-area investors

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 33,833 locations
» Forbes ranked Starbucks as the world’s second-largest restaurant company and the world’s 393rd largest company overall
» Starbucks consolidated revenues increased 24% to $29.1 billion in fiscal 2021 compared to $23.5 billion in fiscal 2020
» Starbucks opened 484 net new stores in the first quarter of fiscal 2022

NEAR MAJOR AREA EMPLOYERS IN GROWING PLAINVIEW RETAIL CORRIDOR
» Strategic, high-visibility location near the intersection of U.S. Route 70/Olton Road and Interstate 27, with access to a combined 33,398 vehicles per day
» Infill location surrounded by several national retailers, including Walmart Supercenter, Tractor Supply Co., McDonald’s, Burger King, Taco Bell, and many more
» Near a Walmart Distribution Center with 950 employees and Convenant Health (100 beds)
» Minutes from Wayland Baptist University (3,015 students, 410 employees), South Plains College (12,500 students), Hillcrest Elementary School (344 students), LaMesa Elementary School (548 students), and College Hill Elementary school (442 students)
» Surrounded by high-density, single family housing developments and townhouses
» Located near major Plainview attractions and community hubs, including Running Water Draw Park and Plainview Country Club

NEW 2022 CONSTRUCTION IN TAX-FREE STATE
» New building featuring latest Starbucks prototype
» Dedicated dual-lane drive-thru, providing additional customer convenience and boosting sales revenue
» Texas has no state income tax, estate tax, or inheritance tax


Property Description

This Starbucks is strategically positioned near the intersection of U.S. Route 70/Olton Road and Interstate 27, with access to a combined 33,398 vehicles per day. The property is just off the highway in a growing location surrounded by several national retailers, including Walmart Supercenter, Tractor Supply Company, McDonald’s, Burger King, Taco Bell, and many more.

The site is less than one mile from Wayland Baptist University (3,015 students, 410 employees) and is situated near many single family homes and large apartment/townhouse complexes. Additionally, the property is located near major Plainview attractions and community hubs, including Running Water Draw Park and Plainview Country Club. It is also within minutes of a Walmart Distribution Center with 950 employees, Convenant Health (100 beds), and several schools with 3,000+ students combined within five miles of the site.

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