™ offering memorandum STARBUCKS 215 STEVENS TRAIL | BRISTOL, TN 37620 CONTENTS 03 EXECUTIVE SUMMARY 04 FINANCIAL OVERVIEW 06 TENANT OVERVIEW 11 AREA OVERVIEW LISTED BY Steele Mcdonald Associate
[email protected] DIR 214.692.2265 MOB 615.417.3631 LIC # 694333 (TX) Braden Crockett Associate vp & Director
[email protected] DIR 214.692.2040 MOB 714.345.6206 LIC # 01946071 (CA) BROKER OF RECORD Kyle Matthews BROKER OF RECORD LIC # 263667 (TN) EXECUTIVE OVERVIEW INVESTMENT HIGHLIGHTS • New Construction site completed in 2017 • ±9 years remaining on base term – Four, 5-year options to extend • Attractive 10% rental increases every 5 years – strong hedge against inflation • NN Lease – minimal landlord responsibilities • Guaranteed by Starbucks Corporation – (NYSE SBUX) with 82.51B Market CAP Location Highlights • Located at The Pinnacle, the premier shopping, dining and entertainment destination in the Tri-Cities • The 1,000,000 SF center is anchored by Belk, Bass Pro Shops, Dick’s Sporting Goods and Marquee Cinemas • Strategically positioned at the intersection of I-81 & Highway 11, directly between Bristol and Kingsport • The Pinnacle serves a market area of 1,000,000 people in Northeast Tennessee and Southwest Virginia • Overall, The Pinnacle is home to over 75 retail and restaurant tenants, with more announcements coming soon 3 FINANCIAL OVERVIEW 5 EXECUTIVE SUMMARY ANNUALIZED OPERATING DATA Monthly Rent Annual Rent Rent/SF Cap Rate Property Name Starbucks Current - 5/24/2022 $6,750.00 $81,000.00 $40.50 5.00% Property