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550 W Lacey Blvd STARBUCKS @ 550 W. Lacey Boulevard Hanford, CA 93230 A new construction Starbucks Drive-Thru (2015) located in the South-Central San Joaquin Valley sub-market of Hanford, CA brandonmichaelsgroup.com Contents INVESTMENT ADVISORS Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 06 [email protected] Executive CA License: 01434685 Summary Matthew Luchs First Vice President Investments COO of The Brandon Michaels Group Tel: 818.212.2727 [email protected] 12 CA License: 01948233 Property Overview Steven Schechter First Vice President Investments Director, National Retail Group Tel: 818.212.2793 [email protected] CA License: 01089464 18 Area Overview 26 FINANCIAL ANALYSIS W LACEY BLVD N 11TH AVE 4 550 W Lacey Boulevard Executive Summary 5 The Offering A new construction Starbucks Drive-Thru (2015) located in the South-Central San Joaquin Valley sub-market of Hanford, CA The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 550 West Lacey Boulevard, an approximately 2,020 square foot Starbucks drive thru located on 24,450 square feet of land in the South-Central San Joaquin Valley sub- market of Hanford, CA. The subject property is located on West Lacey Boulevard just east of signalized corner of West Lacey Bouelvard and North 11th Avenue, an intersection that benefits from daily traffic counts north of 15,000 vehicles per day. The property is surrounded by national retailers and is directly adjacent to a new CVS Pharmacy (built in 2014). 550 West Lacey Boulevard is home is currently paying $93,600 annually, to Starbucks, the world’s largest with a 2.56% increase in 2025, and coffeehouse chain. Founded in 1971, approximately 10% increases in each the company has over 31,000 locations option period. This opportunity offers throughout more than 70 countries minimal landlord responsibility, the and employs over 346,000 people. The tenant is responsible for all expenses restaurant serves coffee beverages, except for the increase in property taxes baked goods, tea, and smoothies. from the close of escrow until the end Starbucks has a number of popular of their initial term (July 31, 2025). Seller subsidiaries, such as Ethos Water, La will credit Buyer the difference in taxes Boulange Bakery, Seattle’s Best Coffee, from the close of escrow until July 31, and Teavana. Starbucks annual revenue 2025. exceeds $26 billion. 2020 net sales were reported at $6.2 billion, with total assets The surrounding national retailers north of $19 billion. Starbucks trades on provide ample products and services the NASDAQ under the trading symbol to the surrounding area, including 99 SBUX. Cents Only, Staples, Rite Aid, 7-Eleven, Grocery Outlet, and Baskin Robbins. Starbucks began operating at this The property is located less than one location in 2015 on what was originally half mile from the 86 freeway which sees a ten-year corporate guaranteed NNN north of 33,000 vehicles per day, and lease. Starbucks negotiated an early is located less than one half of a mile extension to their original term which from the Hanford Community Medical Executive Summary now goes through July 31, 2031, with Center, and one mile from Adventist four-5-year options to extend. Starbucks Health Hanford. 6 550 W Lacey Boulevard Executive Summary 7 investment highlights 550 W LACEY BOULEVARD investment highlights BRAND NEW 2015 CONSTRUCTION STARBUCKS DRIVE-THRU WITH TEN YEARS REMAINING ON EXCELLENT HANFORD, CA LOCATION THE CORPORATE GUARANTEED LEASE • Ideally located on Lacey Boulevard, just east of 11th • Brand new 2015 construction Avenue • Corporate guaranteed lease • Located less than one half of a mile from the Hanford Community Medical Center, and one mile from • Property includes a drive-thru Adventist Health Hanford • Starbucks began operating at this location in 2015 on • Ideally located amongst a sea of national retailers what was originally a ten-year corporate guaranteed NN including McDonalds, Rite-Aid, 7-Eleven, Arby’s, lease. Starbucks negotiated an early extension to their Staples, CVS Pharmacy, and 99 Cents Only original term which now goes through July 31, 2031, with four-5-year options to extend • Strong daily traffic counts exceeding 15,000 vehicles per day • NNN lease AFFLUENT IMMEDIATE DEMOGRAPHICS CIVIC CENTER PARK • There are over 12,400 people located within one HANFORD CARNEGIE MUSEUM mile of the property, 64,900 within three miles of the STARBUCKS IS THE WORLD’S LARGEST COFFEE CHAIN property, and 70,600 within five miles of the property • Starbucks features over 31,000 locations throughout more than • There are over 4,000 households within one mile of 70 countries the property, 20,900 within three miles of the property, and 22,700 within five miles of the property • Starbucks employees over 346,000 people • Average household income eclipses $51,100 within • Starbucks trades on the NASDAQ under the trading symbol one mile of the property, $65,400 within three miles SBUX of the property, and $65,500 within five miles of the • Starbucks has a number of popular subsidiaries, such as Ethos property Water, La Boulange Bakery, Seattle’s Best Coffee, and Teavana • Annual revenue exceeds $26 billion • 2020 net sales were reported at $6.2 billion, with total assets north of $19 billion HIDDEN VALLEY PARK 8 550 W Lacey Boulevard Executive Summary 9 NEARBY AMENITIES Retails 1 2 property summary 3 Address 550 W. Lacey Boulevard Hanford, CA 93230 4 2 3 5 6 Price $2,463,000 4 7 1 Building Size 5 2,020 SF Lot Size 24,450 SF 6 1 8 Price/SF (Building) 2 3 $1,219.31 Price/SF (Land) $100.74 7 Current CAP Rate 3.80% N 11TH AVE 2025 CAP Rate 3.90% 8 9 Guarantor Starbucks Corporation 10 Monthly Rent 9 $7,800 Annual Rent $93,600 10 Rent Per SF $3.86 Per Month Lease Type NNN Restaurant Lease Start 8/1/2015 1 Lease Expiration 7/31/2031 W LACEY BLVD Options Four - 5 Year 2 Year Built 2015 3 APN 010-510-002-000 10 550 W Lacey Boulevard Property Overview 11 property description LOCATION 550 W. Lacey Boulevard Hanford, CA 93230 SITE The property is located on the intersection of W Lacey Boulevard and N 11th Avenue. BUILDING SIZE 2,020 SF LOT SIZE 24,450 SF PARKING 20 parking spaces; a parking ratio of 9.90 parking spaces per 1,000 SF. YEAR BUILT HANFORD CENTER The property was built in 2015. WALMART SUPERCENTER TRAFFIC COUNTS Over 17,000 vehicles per day. Property Overview 12 550 W Lacey Boulevard Property Overview 13 parcel map 14 550 W Lacey Boulevard Property Overview 15 THE WORLD’S LARGEST COFFEEHOUSE CHAIN lease abstract Tenant Starbucks STARBUCKS Guarantor Starbucks Corporation Square Footage Starbucks Corporation is an American multinational chain 2,020 SF of coffeehouses and roastery reserves headquartered in Monthly Rent $7,800 Seattle, Washington. As the world’s largest coffeehouse chain, Annual Rent Starbucks is seen to be the main representation of the United $93,600 States’ third wave of coffee culture. As of September 2020, the Rent Per SF $3.86 Per Month company had 32,660 stores in 83 countries, including 16,637 Lease Type company operated stores and 16,023 licensed stores. Of these NNN 32,660 stores, 18,354 were in the United States, Canada, and Options Four - 5 Year Latin America. Starbucks locations serve hot and cold drinks, whole-bean coffee, microground instant coffee known as VIA, Lease Start 8/1/2015 espresso, caffe latte, full- and loose-leaf teas including Teavana Lease Expiration 7/31/2031 tea products, Evolution Fresh juices, Frappuccino beverages, La Boulange pastries, and snacks including items such as chips and crackers; some offerings (including the annual fall launch of the Pumpkin Spice Latte) are seasonal or specific to the locality of tenant profile the store. Tenant Starbucks Corporation Many stores sell pre-packaged food items, pastries, hot and cold Type Public sandwiches, and drinkware including mugs and tumblers. There Traded As are also several select “Starbucks Evenings” locations which offer Nasdaq: SBUX beer, wine, and appetizers. Starbucks-brand coffee, ice cream, NASDAQ-100 component and bottled cold coffee drinks are also sold at grocery stores S&P 100 component in the United States and other countries. The latest roastery S&P 500 component location opened on Chicago’s Magnificent Mile in November No. of Locations 32,660 (2020) 2019, and is the world’s largest Starbucks. The company has Revenue US$26.50 billion (2019) received significant and sustained criticism about its business practices, corporate affairs, and role in society. Conversely, its Net income US$3.59 billion (2019) franchise has commanded substantial brand loyalty, market No. of Employees 349,000 (September 2020) share, and company value.The company is ranked 114th on the Fortune 500 and 288th on the Forbes Global 2000. Website Starbucks.com 16 550 W Lacey Boulevard Property Overview 17 hanford, california Hanford is a commercial and cultural services (31,000 employees), government Hanford is a commercial and cultural center in the south-central San Joaquin (14,400 employees) and farming center in the south-central San Joaquin Valley and the county seat of Kings (6,400 employees) as well as in some Valley and the county seat of Kings County, California, United States. It manufacturing enterprises (5,700 County, California. Hanford is proud of is the principal city of the Hanford- employees). its small-town charm and rich history, Corcoran metropolitan area (MSA Code and offers its residents a high quality of 25260), which encompasses all of Kings Hanford has 15 elementary schools, three living along with larger-city amenities.
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