Starbucks
$3,017,000
19140 I 35, Kyle, TX 78640
3.75
Cap Rate
113,150
NOI
Details:
Highlights:
- New 10 Year Corporate Lease to Starbucks with Drive-Thru Component
- Investment Grade Tenant Rated Baa1 by Moody’s & BBB+ by S&P
- Brand New 2022 Construction with Highly Functional Footprint on Large Lot
- Outparcel to Brand New Costco Under Construction
- High Growth Suburb of Austin with Robust Demographics in Surrounding Area
Description:
The subject property is prominently located within the Dry River District Development, a 65-acre mixed-use commercial development that will Include medical, hotel, multifamily & retail anchored by Costco, EVO Entertainment, and Home Depot. The property has excellent access and freeway visibility along Kohler’s Crossing and IH-35 (159,300 Combined AADT). The site benefits from robust demographics with a total population of 122,572 within a 5-mile radius. Average household income within 5 miles of the site is $94,682.
The property is in close proximity to shopping centers, schools, hotels, apartments and employers. Nearby retail centers include Kyle Crossing, a Target-anchored shopping center with additional tenants including CVS, Kohl’s, Ross Dress for Less, Petco, and Dollar Tree with outparcels such as Jack in the box, McDonalds, Spectrum, H&R Block, Five Guys, Jersey Mikes, and more; Kyle Marketplace, with tenants such as H-E-B Plus, Chuck E Cheese, Texas Backyard, and Subway with outparcels such as Starbucks, Chase Bank, Whataburger, and Wells Fargo. Other major retail tenants in the surrounding area include Lowe’s Home Improvement, Walmart Supercenter, Goodwill, Walgreens, Smoothie King, Sport Clips, Taco Bell, Dunkin Donuts, Arby’s and many more. There are 6 major apartment complexes within walking distance as well as several hotels drawing immense foot traffic.
Kyle (population 53,763) is a rapidly growing city located approximately 11 miles from San Marcos and 22 miles from downtown Austin. The city’s population has increased nearly 810% since 2000 and continues to rapidly expand; more than 4.5 million square feet of new retail and mixed-use space is planned or has recently been completed in the city. Residential development activity within the city has also been strong, with nearly 50,000 new homes in the development pipeline.
This property is listed in conjunction with Texas-licensed real estate broker Delta Commercial.
Location
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