Investment Offering
Phoenix, AZ - Starbucks
4637 E Shea Blvd | Phoenix, AZ 85028
$1,582,000
Price4%
Cap Rate$63,281
NOI2015
Year Built976
± SF Offering GLA0.32
± AC Land AreaDescription
SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, corporate signed, investment grade (S&P: BBB+) Starbucks investment property located in Phoenix, Arizona. The tenant, Starbucks Corporation, has 11 years remaining on their current term with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 15% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is an absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 35,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world.
Location
The subject property is located near the signalized, hard corner intersection of E. Shea Blvd and N. Tatum Blvd. with a combined (79,900 VPD). The building is equipped with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The asset benefits from close proximity to an immense retail corridor that includes Paradise Valley Mall, a 1,220,000 SF shopping centre anchored by Costco, Target, Walmart Supercenter, Sprouts, Hobby Lobby, T.J. Maxx, Matress Firm, Dollar Tree, CVS Pharmacy, and more. Other nearby national/credit tenants include Whole Foods, Walgreens, Trader Joe’s, Petsmart, Verizon, AT&T, Taco Bell and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 211,000 residents and 199,000 employees, providing a direct consumer base from which to draw. Residents within a 1-mile radius of the subject property boast an affluent average household income of $158,095.
Documents & Links
| View | ||
|---|---|---|
 Offering Memorandum |  |  |
Contact
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215