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Marketing Brochure Has Been Obtained from Sources Believed to Be Reliable, but the Accuracy Or Completeness of the Information Contained Therein Cannot Be Guaranteed STARBUCKS 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS TABLE OF CONTENTS PAGE 03 Investment Summary 04 Retail Aerial 05 Lease Summary 06 Retail Aerial 07 Rent Schedule 08 Shopping Center Photos 09 Site Plan 10 About the Brand 11 Location Overview CONTACT INFORMATION Joel Cukier Vice President (424) 343-2844 02 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS INVESTMENT SUMMARY Tenant Starbucks $2,666,667 2,200 SF Street Address 2405 N. Chester Ave $ List Price GLA City Bakersfield State CA 3.75% 13,600 SF Zip 93308 % Cap Rate Lot Size GLA 2,200 SF Lot Size 13,600 SF $100,000 Year Built 2020 $ NOI Brand New Development with the Largest Coffeehouse Chain in the World - The site features a brand new 10-year lease with four (4), 5-year options and 10% increases every 5 years throughout the base term and option periods, providing an excellent hedge against inflation. 2021 High Quality Construction - The state-of-the-art Starbucks development features a dedicated drive thru and outdoor patio seating which will maximize sales revenue. During the fourth quarter of 2020, approximately 75% of all Starbucks’ U.S. sales were generated through the drive-thru. Around the Corner from North High School - The site is strategically located less than one block from North High School (2,000+ students). Excellent Site Visibility with Strong Traffic Counts - Ideally positioned with great frontage & visibility on the heavily trafficked intersection of Chester Ave & China Grade Loop with combined traffic counts of 20,000+ per day. Limited Competition - This site is the only Starbucks in Northeast Bakersfield with the closest Starbucks over 4.5 miles away from this site. 03 CONTACT JOEL CUKIER STARBUCKS RETAIL AERIAL 04 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS Lease summary Lease Type Triple-Net (NNN) Real Estate Taxes Tenant Responsible Type of Ownership Fee Simple Insurance Tenant Responsible Original Lease Term 10 Years Roof & Structure Landlord Responsible Commencement Date 12/01/2020 Lease Guarantor Corporate Lease Expiration 11/30/2030 Company Name Starbucks Term Remaining 9.5+ Years Ownership Public Increases 10% Every 5 Years Years in Business 49 Options Four (4), 5-year Number of Locations 28,218 Minimal Landlord Responsibilities - Tenant shall be responsible for maintaining all plumbing, HVAC, electrical, and lighting facilities and equipment within the Premises. Tenant shall reimburse landlord for the operating expenses, real property taxes, and landlord’s insurance. Landlord shall be responsible for roof and structure. Corporate Guarantee from Investment Grade Credit Tenant - Starbucks (SBUX) is the world’s leading coffee retailer with annual revenue of more than $22 billion and an “investment grade” credit rating (S&P: BBB+), providing an investor with superior financial security. Excellent Demographics - There are over 157,000 people living within a five-mile radius to the property with an average household income exceeding $60,000 annually. Pad-Site to Chester Loop Shopping Center - Chester Loop Shopping Center is a 90,000 sq. ft. shopping center anchored by Crunch Fitness and AutoZone, further driving traffic to the Pad-Sites. Surrounded by National Retailers - Major national brands in the immediate vicinity include AutoZone, Taco Bell, Dollar General, Crunch Fitness, Bank of America, Wendy’s, Rite Aid and Chase Bank. 05 CONTACT JOEL CUKIER STARBUCKS RETAIL AERIAL 06 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS RENT SCHEDULE Period Term Annual Rent Monthly Rent Increase CAP Rate 12/01/2021 - 11/30/2026 Base Term $100,000 $8,333.33 - 3.75% 12/01/2026 - 11/30/2031 Base Term $110,000 $9,166.67 10% 4.13% 12/01/2031 - 11/30/2036 1st Option $121,000 $10,083.33 10% 4.54% 12/01/2036 - 11/30/2041 2nd Option $133,100 $11,091.67 10% 4.99% 12/01/2041 - 11/30/2046 3rd Option $146,410 $12,200.83 10% 5.49% 12/01/2046 - 11/30/2051 4th Option $161,051 $13,420.92 10% 6.04% 07 CONTACT JOEL CUKIER STARBUCKS Shopping Center Photos 08 CONTACT JOEL CUKIER STARBUCKS SITE PLAN 09 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS ABOUT THE BRAND Starbucks Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington. As of early 2021, the company had 32,660 stores in 83 countries, including 16,637 company operated stores and 16,023 licensed stores. 32,660 BBB+ Number of Locations Credit Rating $26.5 Billion 346,000 $ Annual Revenue Number of Employees Starbucks Reports Q1 2021 Results Starbucks to Expand Digital Efforts Starbucks Looks to Set Q2 Record Starbucks Sets Vision for the Future Starbucks consolidated net revenues of The company will expand contactless & Starbucks is expected to report record Updates ongoing growth model $6.7 billion and opened 278 new stores. digitial efforts in the next 18 months. second-quarter revenue of $6.8 billion. signaling company is stronger than ever. Read More > Read More > Read More > Read More > 10 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS LOCATION OVERVIEW Bakersfield, CA Bakersfield is a charter city in Kern County, California, United States. It is the county seat and largest city of Kern County. The city covers about 151 sq. mi. near the southern end of the San Joaquin Valley and the Central Valley region. Bakersfield is a significant hub for both agriculture and energy production. Kern County is the most productive oil-producing county and the fourth-most productive agricultural county (by value) in the United States. Industries in and around Bakersfield include natural gas and other energy extraction, mining, petroleum refining, distribution, food processing, and corporate regional offices. Bakersfield has long been known as a stopover for those traveling between Los Angeles and San Francisco. But people who consider putting down roots in the area will find a healthy job market and an affordable place to raise a family. In fact, it’s Bakersfield’s strong sense of community and family and its booming oil and agriculture industries that keep the region thriving. It is the 53nd largest city by population in the U.S. (larger than Honolulu, St. Louis, or Pittsburgh) & 9th largest city by population in CA (ranked between Oakland and Anaheim). In some ways, Bakersfield feels like Texas: Oil rigs dot the horizon, and honky-tonks are easy to come by. But the metro area’s location in the fertile San Joaquin Valley has instilled in residents the love of fresh, locally sourced foods, which is at the heart of California culture. Bakersfield has hundreds of miles of bike paths and lanes and nearly 60 parks, offering locals plenty of opportunities to enjoy the outdoors. Plus, residents are a short drive from the Sierra Nevada Mountains and some of California’s expansive national forests. Bakersfield is home to a multi-generational, multi-cultural population. Diversity can be seen throughout the region from the wide variety of small mom-and-pop restaurants and shops selling international foods and goods. Bakersfield residents find plenty of ways to enjoy the region’s pleasant weather, from parks within the city limits to trails in the nearby Sequoia and Los Padres national forests. Take a trip to the historic Fox Theater and enjoy numerous community events. Although major league sports don’t have a presence in the area, hometown fans cheer on their minor league favorite, the Bakersfield Condors hockey team. Racing fans can take their pick of asphalt, dirt, autocross or drag racing at nearby tracks. 11 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS Meadows Field Airport Meadows Field Airport Meadows Field Airport is owned by the County of Kern and is one of six airports operated by the Department of Airports. “BFL” serves more than 1.4 million people in or near the Southern San Joaquin Valley. Meadows Field Airport is less than 3 miles away from the subject property and is located approximately 7 miles north of downtown Bakersfield. Highway 99 and Merle Haggard Dr. provide the most direct access to the passenger terminal. The airport is approximately 1,400 acres in size. It is the main airport for the Bakersfield area, and one of two international airports in the San Joaquin Valley. Also known as Kern County Airport #1. The National Plan of Integrated Airport Systems for categorizes it as a primary commercial service airport (more than 10,000 enplanements per year). Kern County has planned several improvements to the airport over the next 20 years, all of which are based on future demand. 12 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308TY ZIP>> STARBUCKS Meadows Field Airport 13 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS LOCATION OVERvIEW 1. Bakersfield College 13 Min Drive 5.1 Miles From Subject Property 2. Kern County Museum 10 Min Drive 2.6 Miles From Subject Property 3. Bakersfield Fox Theater 14 Min Drive 3.8 Miles From Subject Property 4. Buck Owen’s Crystal Palace 14 Min Drive 4.3 Miles From Subject Property 5. Mechanics Bank Arena 16 Min Drive 4.3 Miles From Subject Property 6. Bakersfield Museum of Art 14 Min Drive 4.1 Miles From Subject Property 14 2405 N. CHESTER AVE, BAKERSFIELD, CA 93308 STARBUCKS LOCATION OVERvIEW 01 02 03 Bakersfield College Kern County Museum Bakersfield Fox Theater Bakersfield College is a public community college The Kern County Museum is a history museum The theater, which opened on Christmas Day, 1930, that serves about 22,000 students each semester focusing in the history of Kern County. One of the is a historic performing arts and community events or 31,000 annually, and offers Associate degrees, prominent features is Pioneer Village.
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