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Starbucks, Oklahoma City, OK

Starbucks

OK, USA

Price $2,860,000
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 7% Rental Increases Every Five (5) Years
Year Built 2021
Building Size 2,100 SF
Lot Size 0.634 Acres (27,617 SF)
Status Sold
Lead Broker Information Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

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

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

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for 10 years plus four five-year options with no early termination
» 7% 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
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 29,000 locations and $24.7 billion in annual revenue

LOCATED 2-MINUTES FROM OKLAHOMA STATE CAPITOL AND ALL GOVERNMENT OFFICES ON MORNING COMMUTE
» Half-mile from Oklahoma State Capitol and Capitol Complex
» State Capitol Complex features 16 major state government offices with thousands of employees
» Located on the morning rush-hour commute side of Northwest 23rd Street with excellent visibility and access to 27,208 vehicles per day
» Both Interstate 235 (104,874 AADT) and Interstate 44 (169,662 AADT) have offramps nearby–feeding traffic to Northwest 23rd Street

DENSE INFILL DOWNTOWN OKLAHOMA CITY LOCATION IN STRATEGIC RETAIL CORRIDOR
» The five-mile trade area has a population of 191,100 residents
» Out-positions McDonald’s, Dunkin Donuts, Burger King, Sonic Drive-Thru, and many more national chains for breakfast

2021 CONSTRUCTION
» Features dedicated drive-thru, and Starbucks Mobile Order Pickup parking providing additional customer convenience and boosting sales revenue
» New and rare full-brick building, limiting near-term deferred maintenance or capital costs


Property Description

Sold

The property is located a half-mile from Oklahoma State Capitol and Capitol Complex on the morning rush-hour commute side of the road. The State Capitol Complex features 16 major state government offices with thousands of employees. The location has direct visibility and access to 27,208 vehicles per day on Northwest 23rd Street and off-ramps from Interstate 235 (104,874 AADT) and Interstate 44 (169,662 AADT) nearby; therefore this this location will take full advantage of the state employees commuting to work in the morning with its dedicated drive-thru, and Starbucks Mobile Order Pickup pay parking. The property also features full-brick construction which is rare for Starbucks and represents a serious commitment to the location.

The property benefits from being in a dense infill Downtown Oklahoma City location. There are 191,100 residents in five-mile trade area surrounding the location providing a strong customer base. With regard to serving breakfast, the location out positions all national competitors for the business of state employees. These competitors include McDonald’s, Dunkin Donuts, Burger King, Sonic Drive-In, and more.

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