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Starbucks & O&H Danish Bakery, Racine, WI

Starbucks & O&H Danish Bakery

Racine, WI

Price $2,745,000
Cap Rate 5.75%
NOI $157,840
Lease Term 10 Years
Lease Type Net
Rental Increases Rental Increases Every Five (5) Years
Year Built 2021
Building Size 5,108 SF
Lot Size 1.1 Acres (47,916 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Russell Train
Brokerage
202.210.2379
russell.train@cushwake.com
CA RE License #02087816

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

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

Investment Highlights

LONG-TERM NET LEASES TO EXCEPTIONAL TENANTS
» 100% leased dual-tenant retail asset in high-growth market
» Rental increases in primary terms and options, providing a hedge against inflation
» Tenants responsible for taxes, insurance, and all maintenance, excluding roof, structure, and parking lot
» Dual-tenant shopping center offers investment diversification

MAJOR TENANTS WITH STRONG PROJECTED GROWTH AND EXCELLENT FINANCIALS
» O&H Danish Bakery International Headquarters are located in Racine
» Starbucks is an investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 29,000 locations and $24.7 billion in annual revenue
» O&H Danish Bakery was recently featured in the New York Times 2019 Holiday Gift Guide and showcased on Food Network’s “The Best Of”
» New 2021 construction built to latest Starbucks & O&H Danish Bakery prototypes

HIGH-TRAFIFIC LOCATION IN POPULATED AND AFFLUENT AREA
» Located near the signalized four-way intersection of State Route 32/Douglas Avenue and 4 Mile Road (combined 29,300 AADT)
» Immediately adjacent to Milwaukee-Racine-Kenosha Bike Path
» Highly trafficked bike, pedestrian, and nordic path
» Average annual household income of $82,314 within a one-mile radius of the location
» 90,941 residents live within five miles of the location
» Projected 12 percent average annual household income increase within one mile of the site in the next five years, poising Racine and the property for significant growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Across the street from one of the largest Garden Centers in Wisconsin – Milaeger’s
» Approximately 45 greenhouses on site
» Excellent location in a major commuter corridor, with close proximity to several high-density single family developments
» 30-minute drive from Downtown Milwaukee, the 31st-largest city in the U.S. (population 590,157)
» Infill location surrounded by a strong mix of well-established local and national retailers, including Walgreens, ALDI, Ace Hardware, McDonald’s, Taco Bell, Burger King, and more
» Five miles from Oak Creek Power Plant, one of Racine’s largest employers (270 employees)



Property Description

The property is conveniently located near the signalized four-way intersection of State Route 32/Douglas Avenue and 4 Mile Road (combined 29,300 AADT). The site is immediately adjacent to the Milwaukee-Racine-Kenosha Bike Path, a highly trafficked bike, pedestrian, and nordic path. The location resides in a densely populated area with robust demographics, with a population of 90,941 within five miles and an average annual household income of $82,314 within a one-mile radius of the location. The property is primed to grow along with the surrounding area, with a projected 12 percent average annual household income increase within one mile of the site in the next five years.

The site resides across the street from Milaeger’s, one of the largest garden centers in Wisconsin featuring approximately 45 green houses. The location is a 30-minute drive from Downtown Milwaukee, the 31st-largest city in the U.S. (population 590,157), and the site maintains an excellent location in a major commuter corridor, with close proximity to several high-density single family developments. The dual-tenant property has an infill location surrounded by a strong mix of well-established local and national retailers, including Walgreens, ALDI, Dollar General, Ace Hardware, McDonald’s, Taco Bell, Burger King, and many more. Visibility is also increased by the site’s location five miles from Oak Creek Power Plant, one of Racine’s largest employers (270 employees).

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