Marana, AZ - Starbucks

Description:

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an investment grade
(S&P: BBB+), corporate guaranteed (NYSE: SBUX) Starbucks investment property located in Marana, Arizona (Tucson MSA). The tenant, Starbucks Corporation, recently signed a brand new 10 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% 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 has minimal landlord responsibilities making it an ideal, limited-management investment opportunity for a passive investor.

Starbucks is directly accessible via on/off ramps of Interstate 10 (71,400 VPD) a heavily trafficked highway utilized by travelers and commuters throughout the state, and connecting the site to downtown Tucson in addition to the 1 million+ residents in its MSA. Marana represents one of the fastest growing areas in the state with over 61,000 residents, the area experienced an 18% increase in population since the 2020 census and is projected to grow to over 100,000 residents by 2030. The rapid growth is largely due to the allocation of resources to expand the Northern Tucson area with significant residential and commercial development. Major homebuilders such as D.R. Horton have committed to building large-scale, master-planned communities including Gladden Farms, Mandarina South, and Tortolita Trails, totaling in thousands of newly built homes near the subject property, many of which are currently under construction. The asset will receive significant consumer traffic from the increase in residents in the immediate area along with the addition of surrounding retailers. Starbucks will be included in the Tangerine Commerce Park development, a 497-acre development that has already received commitments from national brands including Ace Hardware, Taco Bell, and Ventana Medical Systems, a subsidiary of Roche, the world’s largest biotech company, supplying further jobs to the area. The current 5-mile trade area is supported by a population of over 37,700 residents and 5,900 employees with an affluent average household income of $125,976.