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Starbucks, Lubbock, TX

Starbucks

Lubbock, Texas

Price $2,939,000
Cap Rate 4.25%
NOI $124,900
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 Increase In Year Six And 7.5% Rental Increases In Option Periods
Year Built 2021
Building Size 2,200 SF
Lot Size 1.09 Acres (47,480 SF)
Status Available
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Jack Hinson
Brokerage
704.572.9921
jack.hinson@cushwake.com
CA RE License #02059267

Investment Highlights

CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for ten years plus four five-year options
» Starbucks handles all landscape maintenance directly
» 10% rental increase in year six and 7.5% fixed rental increases every five years in extension terms, providing a hedge against inflation
» No Early Termination Right by Starbucks
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» New building featuring dedicated drive-thru, providing additional customer convenience and boosting sales revenue
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 29,000 locations and $24.7 billion in annual revenue
» Full concrete parking lot and drive-way

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED RETAIL CORRIDOR
» Dense population of 221,015 residents within a five-mile radius
» Strong one-mile AHHI of $72,889
» High-visibility location on frontage road just off U.S. Route 62 (57,326 AADT)

INFILL LOCATION NEAR RETAILERS, SCHOOLS, AND COMMUNITY HUBS
» Less than one mile from the largest employer in Lubbock, Texas Tech University (38,803 students, 11,848 employees, $1.9 billion annual economic impact)
» Adjacent to Covenant Health System (394 beds, 6,931 employees, $3.3 billion annual total patient revenue)
» Less than one mile from Coronado High School (2,113 students) and surrounded by 10 other schools (combined 5,800+ students)
» Directly adjacent to the 132-room, 4-star Hawthorn Suites by Wyndham Hotel



Property Description

The property is located near the signalized hard corner of U.S. Route 62 Frontage Road and Quaker Avenue (22,473 AADT), directly east of the 4-star, 132 room Hawthorn Suites by Wyndham hotel. The site also has convenient access to U.S. Route 62, which experiences 57,326 AADT. The location strategically resides in a densely populated area surrounded by new neighborhoods and apartments (221,015 residents within a five mile radius) and is also adjacent to Covenant Health System.

Covenant Health System has 394 beds, 6,931 employees, and $3.3 billion annual total patient revenue, providing a major traffic driver to the site. Visibility is increased by the site’s proximity (less than one mile) to the largest employer in Lubbock, Texas Tech University, which features 38,803 students, 11,848 employees, and generates $1.9 billion in annual economic impact. The property also benefits from being less than one mile from Coronado High School (2,113 students, and the immediate adjacency of 10 more surrounding schools with a combined 5,800+ students.

Contact Us About This Property

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