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Starbucks, Lubbock, Texas

Starbucks

Price $2,960,000
Cap Rate 5.00%
NOI $148,000
Lease Term 9 Years Remaining
Lease Type Net, with Tenant Responsible for Taxes, Insurance, and Maintenance, Excluding Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2018
Building Size 2,200 SF
Lot Size 1.13 Acres (49,413 SF)
Status Available
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

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

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

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE SINGLE-TENANT ASSET
» Long-term lease to Starbucks Corporation with nine years remaining in the initial term, plus four five-year options
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation
» No early termination
» Starbucks is an investment grade tenant, rated “BBB+” by Standard & Poor’s

FREEWAY-VISIBLE LOCATION OUTPARCEL TO COSTCO
» Conveniently located at the signalized intersection of West Loop 289 and 34th Street, with excellent visibility and access to 87,571 vehicles per day
» The property is in a freeway-visible spot with immediate access to on- and off-ramps for West Loop 289, which serves as Lubbock’s beltway and is a major corridor for tourist, commuter, and commercial traffic
» Outparcel to the West End retail center and directly in front of Costco
» West End is Lubbock’s premiere outlet and lifestyle shopping destination, featuring notable retailers like Cabela’s, Best Buy, Chick-fil-A, Marshalls, Nike Factory, Converse Factory, Vera Bradley, P.F. Chang’s, and many more
» Two of the area’s top five employers, and the major hospital systems, Covenant Health System and University Medical Center, are both minutes away
» Future plans for West End include two hotels (Aloft opening February 2020) with business and conference centers

STRONG CUSTOMER BASE
» Less than a mile from private college Lubbock Christian University (1,805 students)
» Minutes from Texas Tech University (38,209 students and 11,848 employees), a large public research school known for its varsity sports, which serves as a major economic engine for the region
» Surrounded by densely populated residential neighborhoods, with 196,144 people living within a five-mile radius

NEW 2018 CONSTRUCTION WITH DEDICATED DRIVE-THRU
» High-quality construction completed in 2018
» Features dedicated drive-thru with concrete parking lot
» New building, limiting near-term deferred maintenance or capital costs
» Ample on-site and cross-access parking



 


Property Description

The property is conveniently located at the signalized intersection of West Loop 289 and 34th Street, with excellent visibility and access to 87,571 vehicles per day. The property is in a freeway-visible spot with immediate access to onand off-ramps for West Loop 289, which serves as Lubbock’s beltway and is a major corridor for tourist, commuter, and commercial traffic. The property is outparcel to the West End retail center and is directly in front of Costco. West End is Lubbock’s premiere outlet and lifestyle shopping destination, featuring notable retailers like Cabela’s, Best Buy, Chickfil- A, Marshalls, Nike Factory, Converse Factory, Vera Bradley, P.F. Chang’s, and many more. Future plans for the project include two hotels (Aloft opening February 2020) with business and conference amenities.

The property is supported by a strong customer base. The property is less than a mile from Lubbock Christian University, a private college with 1,805 students, and is just minutes from Texas Tech University, a large public research school known for its varsity sports, which serves as a major economic engine for the region. Other schools located in the nearby area include Westwind Elementary School (679 students), Bowie Elementary School (262 students), and Coronado High School (2,041 students). And minutes from Convenant Health System and University Medical Center, the areas two major hospital systems and two of the top five employers. The property is also surrounded by densely populated residential neighborhoods, with 196,144 people living within a five-mile radius.

Contact Us About This Property

Ryan & Mike
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