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Starbucks, Greenfield, CA

Starbucks

Price $2,910,000
Cap Rate 4.40%
NOI $128,000
Lease Term 10 Years
Lease Type Net, with tenant responsible for taxes, insurance, and maintenance, excluding roof and structure
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built Q4 2018
Building Size 2,200 SF
Lot Size 0.49 acres (21,344 SF)
Status Available
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

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

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE SINGLE-TENANT ASSET
» Retail asset with dedicated drive-thru leased to Starbucks Corporation for ten years, plus four five-year options
» 10% rental increases every five years in initial term and option periods
» Starbucks is an investment grade tenant, rated “BBB+” by Standard & Poor’s

FREEWAY-VISIBLE LOCATION IN NEW COMMERCIAL DEVELOPMENT
» Conveniently located in a freeway-visible spot—including freeway pylon sign— on Walnut Avenue, with immediate access to and on- and off-ramps for U.S. Route 101, which has a high traffic count of 41,000 vehicles per day near the property
» U.S. Route 101 is the main highway through both the Salinas Valley and the Central Coast and serves as a major corridor for tourist, commuter, and commercial traffic
» Prominently located at the entrance to The Vines at Greenfield, an 11-acre commercial development that will include an array of national retail tenants
» Current tenants in The Vines at Greenfield include Carl’s Jr., Arco (under construction), and an 85-room Fairfield Inn (planned)
» Included in the Walnut Avenue Specific Plan area, which aims to create a multifunctional focal point for both shopping and community events and activities

STRONG CUSTOMER BASE WITH MIX OF RESIDENTS AND TOURISTS
» Near several schools, downtown Greenfield, and residential neighborhoods
» Close to the Yanks Air Museum and Recreation Center Greenfield, which will include an aircraft museum, hotel, winery, and RV park and will employ approximately 400 people upon completion
» Minutes from tourist attractions like Pinnacles National Park, which has over 225,000 visitors per year

NEW “CENTRAL COASTAL CALIFORNIA” UPGRADED CONSTRUCTION
» Upgraded “Central Coastal California” construction featuring a modern, yet rustic architectural theme
» Building has a unique aesthetic that differentiates itself from other Starbucks locations across the United States
» Dedicated drive-thru, providing additional customer convenience and catering to traffic on U.S. Route 101



Property Description

The property is conveniently located in a freeway-visible spot on Walnut Avenue, with immediate access to and on- and off-ramps for U.S. Route 101, which has a high traffic count of 41,000 vehicles per day near the property. The major highway through both the Salinas Valley and the Central Coast, U.S. Route 101 links Greenfield to the rest of the Central Coast region, San Francisco to the north, and Los Angeles to the south. As such, U.S. Route 101 serves as a major corridor for tourist, commuter, and commercial traffic, and the property is strategically located in The Vines at Greenfield development, which is designed to take advantage of and attract this type of traffic. The Vines at Greenfield is an 11-acre commercial project
that will include an array of national retail tenants with various use types, including food, hospitality, fitness, and service. Currently, the property is directly adjacent to Carl’s Jr., and Arco and an 85-room Fairfield Inn are under construction and planned, respectively, in the property’s immediate vicinity. Additionally, the property is located within the Walnut Avenue Specific Plan area, which aims to create a multi-functional focal point for both shopping and community events and activities around the Walnut Avenue corridor.

The property is centrally located within walking distance of downtown Greenfield and near several of Greenfield’s notable retailers, including Rite Aid, Dollar Tree, McDonald’s, and O’Reilly Auto Parts, amongst others. Several schools are close by, and the property is near residential neighborhoods. Furthermore, the property is close to attractions like Pinnacles National Park—which has over 225,000 visitors per year—and the Yanks Air Museum and Recreation Center Greenfield, which will include an aircraft museum, hotel, winery, and RV park and will employ approximately 400 people upon completion.

Contact Us About This Property

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