Cerritos, CA - Starbucks
$6,575,000
20280 Bloomfield Ave, Cerritos, CA 90703
4.11
Cap Rate
270,108
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN, investment grade (S&P: BBB+), corporate guaranteed (NASDAQ: SBUX) Starbucks investment property located in Cerritos, California. The tenant, Starbucks Corporation, recently signed a brand new 15 year lease with 6 (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 limited landlord responsibilities making it an ideal, limited-management investment opportunity for a passive investor. The property will feature brand new high-quality construction with a modern building design and is not effected by the Los Angeles Mansion Tax.
The asset is located at the signalized, hard corner intersection of Bloomfield Avenue and Del Amo Boulevard with a combined 53,400 vehicles passing daily. Starbucks will benefit tremendously from its position as an outparcel to Target. The tenant will receive significant crossover retail exposure from the adjacent Target, which sees an average of 1.8 million visitors annually (per Placer.ai). The subject property represents a rare opportunity to acquire real estate in Los Angeles County, specifically
in a dense infill area with an affluent surrounding community and nearby schools including John F. Kennedy High School (2,000+ students) and Artesia High School
(1,500+ students). Furthermore, the asset is adjacent to the Cerritos Sports Complex, inviting families to participate in youth sports programs, supplying a direct flow of Starbucks’ broad range of target consumers. The site is conveniently accessible from off-ramps of State Highway 91 (325,000 VPD) and Interstate 605 (301,000 VPD), two heavily trafficked thoroughfares reaching Los Angeles and Orange County. The 5-mile trade area is supported by a population of over 599,100 residents and 237,300 employees with an average household income of $139,297 within 3-miles of the property.
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