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Starbucks, Bellingham, WA

Starbucks

WA, United States

Price $1,890,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type
Rental Increases 10% rental increases every 5 years
Year Built 2016
Building Size 880 sq. ft.
Lot Size 0.23 Acres (10,018 sq. ft.)
Status Under Contract
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 “A-” by Standard & Poor’s

BRAND NEW 2016 CONSTRUCTION
» High-quality 2016 built-to-suit construction with new prototype design
» Includes drive-thru and outdoor seating area

CENTRAL LOCATION NEAR WWU CAMPUS AND BELLINGHAM HIGH SCHOOL
» Western Washington University is just over a mile and a half from Starbucks and has over 15,000 students
» Within walking distance of Bellingham High School, which has an enrollment of 1,118 students and employs over 50 staff members
» Washington does not have state income tax

HIGH-TRAFFIC LOCATION JUST OFF OF BUSY FREEWAY
» Hard-corner location just off of Interstate 5 (76,000 AADT) on Iowa Street (20,700 AADT)
» Convenient, easily-accessible commuter location

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located just off of Interstate 5, near Bellingham’s busy downtown area. The site is located at the hard-corner of King Street and Iowa Street, which has a traffic count of 20,700 vehicles daily. Access to Interstate 5, which boasts a high traffic count of 76,000 vehicles per day, is a block away from the property. The site is surrounded by a diverse mixture of industrial, residential, and commercial buildings. Nearby tenants include McDonald’s, O’Reilly Auto Parts, Les Schwab Tire Center, and Trader Joe’s. The property benefits from its close proximity to educational, medical, and retail centers. Bellingham High School, which has an enrollment of 1,118 students and employs over 50 staff members, is half a mile from the property. Additionally, Western Washington University is just over a mile and a half from the site, and has an enrollment of 15,332 students. PeaceHealth St Joeseph Medical Center is a mile and a half from the property. The 253-bed medical center employs 2,750 people and is recognized as a 100 Top Hospital in America. Sunset Square, a 378,621 square foot center with 40 stores and services, is just over a mile from the property, down Interstate 5. Located just over two miles from the property is Bellis Fair, a 773,000 square foot mall anchored by Target, Macy’s, The Sports Authority, JCPenney, and Kohl’s and featuring 150 stores and services.

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