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Starbucks,

Starbucks

OK, United States

Price $1,600,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type
Rental Increases 10% every five years
Year Built 2016
Building Size 1,968 sq. ft.
Lot Size 0.61 Acres (26,393 sq. ft.)
Status Sold
Lead Broker Information Scott Crowle
Senior Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for ten years plus four 5-year options
» 10% fixed rent increases every five years in initial term and extension terms
» Guaranteed by Starbucks Corporation, rated ñA-î by Standard & Poor’s
» Tenant maintains building, property, and easement

NEW 2016 CONSTRUCTION
» High-quality 2016 built-to-suit construction with new prototype design including drive-thru and outdoor seating area
» Building’s faade made from 19th century reclaimed brick

FREEWAY-VISIBLE COMMUTER LOCATION
» Prominently located at the U.S. Route 169 on-ramp/off-ramp (40,000 AADT) on E. 116th Street North (19,610 AADT)
» Pad building is located at the entrance to a dominant grocery store

ECONOMICALLY DIVERSE TULSA MSA MARKET
» Tulsa MSA is the second largest trade area in Oklahoma, with a population of more than 1.15 million
» Owasso has a customer base of 450,000
» Tulsa is consistently ranked high among the most affordable cities and best cities to start a business

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is strategically located on East 116th Street North, with a traffic count of 19,610 vehicles per day, just off of the on-ramp and off-ramp to U.S. Route 169. A prime commuter location, the site is located just 12 miles from downtown Tulsa and is easily visible and accessible to 40,000 vehicles per day from the highway. The property is an outparcel to a busy Reasor’s grocery store and shopping center, and benefits from its close proximity to complimentary tenants such as Walgreens, McDonald’s, Walmart Neighborhood Market, Taco Bell, and Sonic Drive-In. Just down the highway from the site, is Owasso’s prime shopping district, featuring national retailers such as Target, Ashley Furniture, JCPenney, Kohl’s, Ashley Furniture, Old Navy, and many others. The property is also located near Owasso’s two hospitals: St. John Owasso, a 106,000 square foot hospital connected to a 70,000 square foot medical office building, and the 73-bed Bailey Medical Center, Owasso’s largest hospital. The site is located in a quickly developing area of Owasso. The Tulsa Tech Owasso Campus, a state-of-the-art, 256,000 square foot energy-efficient facility with classrooms, laboratories, and a 51,000 square foot Conference Center for public use and student-training, recently completed construction and was opened in the fall of 2013. Across the highway from the Tulsa Tech Owasso Campus is the future site of Rejoice Christian Schools, a $50 million, 65-acre private school campus that can accommodate 1,500 students and 200 employees. The project is expected to be completed by the beginning of the 2016 school year. Additionally, retail in the area is also expanding; the nearby Walmart Neighborhood Market opened its doors in 2015 and the parcel next to Starbucks is slated to become the new location of Valley National Bank.

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