Phoenix, OR - Starbucks

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, Starbucks investment property located in Phoenix, Oregon. 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 is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

The Starbucks is located at the signalized, hard-corner intersection of North Phoenix Road and Highway 99, combining to average over 28,700 vehicles passing by daily. Highway 99, is the major retail thoroughfare serving the city of Phoenix. Additionally, the site is located just off of Interstate 5, which averages over 41,000 vehicles passing by daily. The Starbucks is located in close proximity to a 102,500+ square foot Home Depot with a La-Z-Boy outparcel. The asset is less than half a mile from The Shoppes at Exit 24, a 99,000 square foot, Dollar Tree anchored center that also features a McDonald’s as well as several local tenants. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Dutch Bros Coffee, Panera Bread, Chick-fil-A, Jamba Juice, Planet Fitness, Rite Aid and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover shopping to the subject property. The subject property is in close proximity to Phoenix High School with a student population of over 800. The 5-mile trade area is supported by a population of over 82,000 residents and 40,000 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $90,994.