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Starbucks, Marshfield, WI

Starbucks

WI, USA

Price $2,200,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type Net, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Excluding Roof, Structure, and Parking Lot
Rental Increases $4,900 Rental Increases Every Five (5) Years
Year Built 2021
Building Size 2,450 SF
Lot Size 1.187 Acres (51,706 SF)
Status Sold
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

Investment Highlights

CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for 10 years, plus four (4) five-year options
» Fixed rental increases every five years in initial term and extension terms, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Nearest Starbucks location is over a 40-minute drive from property
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 29,000 locations and $26.5 billion in annual revenue
» 2021 construction featuring a dedicated drive-thru, boosting sales revenue and catering to traffic on State Route 97/North Central Avenue
» Larger Starbucks building at 2,450 SF compared to standard 2,200 SF Starbucks, providing future flexibility

HIGH-TRAFFIC LOCATION IN AFFLUENT AND GROWING CORRIDOR
» High-visibility location on State Route 97/North Central Avenue, with access to 16,600 vehicles per day directly in front of the location
» Average annual household income of $80,892 within three miles of the location
» Population of 24,234 within a five-mile radius of the location, creating a large customer base for the site
» Projected 10 percent average annual household income increase within a five-mile radius of the site in the next five years, poising Starbucks and Jacksonville for significant concurrent growth
» Population increases within one, three, and five miles of the site since 2010, illustrating the immediate area’s steady growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS AND COMMUNITY HUBS
» One mile from Marshfield Medical Center, one of the largest employers in Marshfield (500 beds, 1,200 employees)
» Surrounded by several national retailers, including Walmart Supercenter, Target, Kohl’s, Bath & Body Works, Dunham’s Sports, Walgreens, McDonald’s, Burger King, and many more
» Beneficial proximity to several highly attended Marshfield schools, including Marshfield High School, Grant Elementary School, and Madison Elementary School (combined 1,994 students)
» Convenient access to major area recreational attractions, including Wildwood Zoo, Marshfield Fairgrounds, and Steve J. Miller Recreation Area


Property Description

SOLD

Visibility to the property is increased by the site’s centralized location in a densely populated and growing retail corridor. The site has a high-visibility location along State Route 97/North Central Avenue, with access to 16,600 vehicles per day directly in front of the location. 24,234 residents live within a five-mile radius of the location, establishing a large regular customer base for the site. The property resides in an affluent area, with an average annual household income of $80,892 within five miles of the location. The site is located in an area that has experienced rapid growth in recent years, with population increases within one, three, and five miles of the site since 2010. The property is also primed to grow along with the surrounding area, with a projected 10 percent average annual household income increase within five miles of the site in the next five years.

Visibility and traffic to the site is greatly increased by its central location near large employers, retailers, and community hubs. The property is one mile from Marshfield Medical Center, one of the largest employers in Marshfield (500 beds, 1,200 employees). The site is also immediately surrounded by several national retailers, including Walmart Supercenter, Publix, McDonald’s, Sonic Drive-In, CVS, Walgreens, and many more, promoting crossover shopping to the location. The location has a beneficial proximity to several highly attended Marshfield schools, including Marshfield High School, Grant Elementary School, and Madison Elementary School (combined 1,994 students). The property is also advantageously located near major area recreational attractions, including Wildwood Zoo, Marshfield Fairgrounds, and Steve J. Miller Recreation Area.

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