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Starbucks, Norman, OK

Starbucks

Norman, OK

Price $1,980,000
Cap Rate 5.00%
NOI $99,000
Lease Term 10 Years
Lease Type Net, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Excluding Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2019
Building Size 2,200 SF
Lot Size 0.95 Acres (41,235 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Oklahoma-licensed real estate broker Investment Real Estate, LLC.

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for ten years plus four five-year options
» 10% fixed rental increases every five years in initial term and extension terms, 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 29,000 locations and $24.7 billion in annual revenue
» No early termination

HIGH-TRAFFIC LOCATION IN GROWING RETAIL CORRIDOR
» Located at the intersection of Classen Boulevard and Ann Branden Boulevard, with excellent visibility and access to 23,845 vehicles per day directly in front of the property
» Immediate access and visibility to 28,000 vehicles per day on Highway 9
» Adjacent to newly constructed Walmart Supercenter

NEAR THE UNIVERSITY OF OKLAHOMA
» Just one mile from the 277-acre, $300 million University of Oklahoma (OU) Research Campus, a thriving economic engine with nearly one million square feet of occupied space
» OU research expenditures exceeded $283 million in fiscal year 2017
» As the largest university in the state—with a total enrollment of 31,702 students—the university is a major economic driver for the region, employing 12,941 people
» Large football program, with over 80,000 people routinely attending football games
» Game day traffic drives sales at Norman businesses, especially those near campus
» The football program ranks among the top college football money-makers, with home games generating approximately $59.6 million in revenues throughout the football season, or about $8.8 million for each home game

NEW 2019 CONSTRUCTION WITH 25-FOOT ILLUMINATED PYLON SIGN
» High-quality construction expected to be completed in Q1 2019
» Features dedicated drive-thru, providing additional customer convenience and boosting sales revenue
» New, freeway visible building, limiting near-term deferred maintenance or capital costs

Click Here to Download Offering Memorandum


Property Description

The property is located at the intersection of Classen Boulevard and Ann Branden Boulevard, with excellent visibility and access to 23,845 vehicles per day directly in front of the property. The property also enjoys immediate access and visibility to 28,000 vehicles per day on Highway 9. The property is located in a growing retail corridor and is within walking distance of a newly constructed Walmart Supercenter. Other major retailers located in the immediate area include Panda Express (coming soon), Aldi (coming soon), McDonald’s, Taco Bell, Circle K, and Subway, amongst others.

The property is located approximately one mile from the University of Oklahoma (OU) Research Campus. The 277-acre OU Research Campus is a thriving economic engine shaped by a community of public and private sector collaborations, located in nearly one million square feet of occupied space, representing $300 million in investments. The Research Campus brings together 1,700 workers across academic, federal, state, and industrial organizations. Classified by the Carnegie Foundation as the only Very High Research university in the state, OU is a foundational engine for economic growth. Research expenditures exceeded $283 million in fiscal year 2017, and the Norman Campus faculty received total new award funding of $97 million. The property is also near OU’s main campus, which is contiguous with its research campus. As the largest university in the state—with a total enrollment of 31,702 students—the university is a major economic driver for the region, employing 12,941 people. Additionally, the college’s football program contributes significantly to Norman’s economy, drawing over 80,000 spectators to each football game and bringing in out-of-town traffic from all over the country during game day weekends. Norman’s local businesses, especially areas around campus, benefit greatly from the game day traffic alone. The program ranks among the top college football money-makers, with home games generating approximately $59.6 million in revenues throughout the football season, or about $8.8 million for each home game. Furthermore, the property is surrounded by new homes and apartments and is supported by a large customer base, with 93,691 people living within a five-mile radius of the property.

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