Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire fee simple condo ownership in an NN leased, investment grade (S&P: BBB+), Starbucks investment property located at the gateway to the North Shore of Oahu at the junction of Waialua and world-famous Haleiwa, Hawaii known for pristine beaches and surfing competitions. The Starbucks unit is located in a unique building designed by Osvaldo Brighenti, modeled after the Historic Waialua Plantation office building. It is the only Starbucks serving the Northshore of Oahu which adds a high barrier for market entry. The anchor tenant, Starbucks Corporation, has over 5 years remaining on their current term, 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, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Founded in 1971, Starbucks is the premier roaster and retailer of specialty coffee with over 35,000 locations worldwide.

The Starbucks is located along Kamehameha Hwy, a major thoroughfare serving the towns of Haleiwa and Waialua averaging over 12,000 vehicles per day. The site benefits from a large monument sign creating excellent visibility along Kamehameha Hwy. The asset is within close proximity to multiple national/credit tenants including CVS Pharmacy, 7-Eleven, Ace Hardware, Patagonia, USPS, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. The 5-mile trade area is supported by a population of over 10,000 residents and over 2,500 daytime employees, providing a direct consumer base to from which to draw. Residents within 1-mile of the subject property boast an affluent average household income of $114,169.

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