Est st Street - ERRIIE INIANA offering memorandum
Starbucks
725 West 81st Street - MERRILLVILLE, INDIANA 46410
offering memorandum
ARTIST REPRESENTATION
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of ? 2016 Marcus & Millichap. Activity ID # X0332302
Investment Overview
725 West 81st Street - MERRILLVILLE, INDIANA 46410
? New Construction Starbucks with "Evenings" Concept and Drive-Thru | Will be Delivered in May 2017
? Pad Site to Meijer Grocery | Signalized, Hard-Corner that Sees Nearly 62,000 Vehicles Per Day
? New 10-Year Lease With 10 Percent Rent Increases Every Five Years in Base Term and in Option Periods
? Lease Guaranteed by the Starbucks Corporation | S&P ACredit Rating
? Less than Two Miles from the Methodist Hospital | 634 Bed Facility | One of Chicago Tribune's Top 100 Workplaces in 2014
? Less than Two Miles from NiSource, Inc (NYSE: NI) Corporate Headquarters | Fortune 500 Company
? Less than Two Miles from the Southlake Mall | 1.3 Million-Square Foot Mega Mall
ARTIST REPRESENTATION
Marcus & Millichap is pleased to present this newly constructed Starbucks located in Merrillville, Indiana. This location will feature the Starbucks Evenings concept which consists of a menu of wine and beer as well as a selection of a few light, savory bites available after 4pm. The subject property is situated on a signalized, hardcorner intersection directly in front of a 237,000-square foot Meijer grocery store. This highly trafficked corner sees nearly 62,000 vehicles per day. The newly constructed building will be delivered May 2017.
Starbucks (NASDAQ: SBUX) signed a 10-year doublenet (NN) lease that features 10 percent rent escalations every five years in the base term, and in the four, fiveyear option periods. There is no termination clause in this lease. Additionally, the lease is guaranteed by the Starbucks Corporation (S&P A- Credit Rating). In 2015, the Company did $19.16 billion in sales across their 23,000 locations.
Less than two miles from the asset is the Methodist Hospital, a 634-bed facility that was named one of the Chicago Tribune's Top 100 Workplaces in 2014. Also, less than two miles is the corporate headquarters of NiSource, Incorporated (NYSE:NI), a Fortune 500 company.
The Southlake Mall is less than two miles from this asset. The mall is a 1.3 million-square foot center with retailers such as Kohl's, Macy's, J.C. Penney, Sears, Dick's Sporting Goods, Forever 21, and H&M. Other major tenants in the vicinity include Walgreens, Bed Bath & Beyond, PNC Bank, Marriott, Costco, Lowes, Home Depot, McDonald's, Walmart, and Panera.
Starbucks locations serve hot and cold drinks, wholebean coffee, microground instant coffee known as VIA, espresso, caffe latte, full- and loose-leaf teas including Teavana tea products, Evolution Fresh juices, Frappuccino beverages, pastries, and snacks. Many stores sell pre-packaged food items, hot and cold sandwiches, and drinkware including mugs and tumblers; select "Starbucks Evenings" locations offer beer, wine, and appetizers. Starbucks-brand coffee, ice cream and bottled cold coffee drinks are also sold at grocery stores.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of ? 2016 Marcus & Millichap. Activity ID # X0332302
Financial Overview
725 West 81st Street - MERRILLVILLE, INDIANA 46410
Offering Summary
PRICE
$1,899,657
CAP RATE
5.25%
NOI
$99,732
PRICE PER SQUARE FOOT
$920.38
RENT PER SQUARE FOOT
$48.32
YEAR BUILT
2016
LOT SIZE
.93 Acres
GROSS LEASEABLE AREA
2,064 Square Feet
TYPE OF OWNERSHIP
Public
LEASE GURANTOR
Corporate Guarantee
LEASE TYPE
Double-Net (NN)
ROOF AND STRUCTURE
Landlord Responsible
Lease Summary
LEASE COMMENCEMENT DATE July 30, 2017
LEASE EXPIRATION DATE
July 31 2027
LEASE TERM
10 Years
TERM REMAINING
10 Years
INCREASES
10 %, Every 5 Years
OPTIONS TO RENEW
4, 5-Year Options
OPTIONS TO TERMINATE
None
OPTIONS TO PURCHASE
None
FIRST RIGHT OF REFUSAL
None
ARTIST REPRESENTATION
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of ? 2016 Marcus & Millichap. Activity ID # X0332302
Tenant Overview - Starbucks
725 West 81st Street - MERRILLVILLE, INDIANA 46410
Wake up and smell the coffee -- Starbucks is everywhere. The world's #1 specialty coffee retailer, Starbucks has more than 22,700 coffee shops in about 60 countries. The outlets offer coffee drinks and food items, as well as roasted beans, coffee accessories, and teas. Starbucks operates more than 10,700 of its own shops, which are located mostly in the United States, while licensees and franchisees operate roughly 10,600 units worldwide (including many locations in shopping centers and airports). In addition, Starbucks markets its coffee through grocery stores, food service customers, and licenses its brand for other food and beverage products.
Starbucks ranks #187 in Fortune 500 and is traded on the NASDAQ under the symbol "SBUX". In 2015 Starbucks had sales of $19.16 billion and a net worth of $5.82 billion.
TENANT PROFILE
GUARANTOR ENTITY Starbucks Corporation
OWNERSHIP
Public
TENANT
Starbucks
LEASE GUARANTOR
Corporate Guarantee
NUMBER OF LOCATIONS 22,700+
HEADQUARTERED
Seattle, WA
WEB SITE
ARTIST REPRESENTATION
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of ? 2016 Marcus & Millichap. Activity ID # X0332302
Concept Overview - Starbucks Evenings
725 West 81st Street - MERRILLVILLE, INDIANA 46410
The Starbucks Evening program, which initially launched in Seattle, Washington in October 2010, consists of a menu of wine and beer as well as a selection of a few light, savory bites available after 4pm. The wine options are available by the glass or bottle and the beer is sold in bottles only. In the U.S., the wine menu varies by location and offers a mix of local and international wines from both small and large wineries.
The Starbucks Evenings program also commands certain premium details to enhance the high-end feel of the menu. The food items are served on elegant flatware and with silverware instead of plastic utensils, wine is served in contemporary stem-less goblets and beer is served in custom glassware. Starbucks Evenings locations are also selling the wine goblets which are branded with the Starbucks name printed with a selection of four unique phrases on them. The wine glasses are manufactured by Riedel, a high-end brand of glassware.
As with regular orders at the store locations, food and beverage orders during the Starbucks Evenings are also placed with the barista, unlike full restaurant service. The regular coffee menu is also still available during the evenings.
According to the Seattle Times, Starbucks hopes to roll the Starbucks Evenings menu out to up to a quarter of its 12,000 U.S. store locations. This is all part of a five-year-plan to nearly double its yearly revenue to $30 billion. Just by offering these small plates, executives estimate that they'll double food revenue alone to $4 billion.
Representative Photo
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of ? 2016 Marcus & Millichap. Activity ID # X0332302
Aerial Overview
725 West 81st Street - MERRILLVILLE, INDIANA 46410
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of ? 2016 Marcus & Millichap. Activity ID # X0332302
Area Overview & Demographics
725 West 81st Street - MERRILLVILLE, INDIANA 46410
Lansing Munster
Glenwood
83
394
Lynwood
Ford Heights 30
Black Oak
94
Highland
6
65 New Chicago
Liverpool
6
Griffith
Ross
41
55
53
65
Hobart
130
Dyer Sauk Village
30
New Elliott
Schererville 30
394
Willowbrook
41 St John
Kreitzburg
231
5 MILE RADIUS 3 MILE RADIUS MILE
SITE
Ainsworth Merrillville Green Acres
30
1
55
53
65
Crown Point
Winfield Deer Creek
6 149
Wheeler
130
30 Westhill
2 Aberdeen
Population 2000 Population 2010 Population 2016 Population 2021 Population
41 Brunswick
55
Palmer
2
231
1-Mile
3,245 5,088 5,240 5,245
3-Mile 5-Mile
33,169 41,348 41,335 41,110
87,902 99,783 100,149 99,687
Households 2000 Households 2010 Households 2016 Households 2021 Households
1-Mile 3-Mile 5-Mile
1,375 2,329 2,387 2,386
12,603 16,039 16,049 15,964
32,209 37,700 37,892 37,729
1-Mile Household (HH) Incomes 2016 Average HH Income $55,127 2016 Median HH Income $47,348 2016 Per Capita Income $25,112
3-Mile
$65,296 $55,107 $25,352
5-Mile
$69,027 $56,607 $26,117
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of ? 2016 Marcus & Millichap. Activity ID # X0332302
Market Overview - Merrillville, Indiana
725 West 81st Street - MERRILLVILLE, INDIANA 46410
Merrillville, Indiana, in Lake county, is seven miles south of Gary, Indiana and 30 miles southeast of Chicago, Illinois. The town is included in the Gary Metropolitan Area. Known as "Downtown Northwest Indiana," the town of Merrillville is known for its many restaurants, banks, malls, and businesses typical of American suburbia. The town is centered on the intersection of Interstate 65 and US Route 30, which is also known as Lincoln Highway/81st Ave. The US Route 30 Corridor in Merrillville is a hub for retail trade in Northwest Indiana. Merrillville is home to the corporate headquarters of NiSource, Incorporated (NYSE:NI), a fortune 500 company (2015). One of the largest utility companies in the United States, NiSource serves over 3.5 million national gas customers and 500,000 electric customers across seven states and employs 7,000 people. In 2015, the company did $4.65 billion in sales.
The town has many outdoor and indoor facilities for recreation. Merrillville has a large concentration of hotels, big box retailers, restaurants, and automobile dealerships. The city also has several parks with excellent amenities. There are a number of golf courses and forest preserves around the area as well.
Neighboring Retailers and Corporate Complex in Merrillville, Indiana
Mr. Josh Caruana Vice President/Regional Manager Marcus & Millichap Real Estate Investment Services | Brokerage Josh.Caruana@ | Indianapolis Office | 600 E. 96th Street | Suite 500 | Indianapolis, IN 46240 | Office: (317) 218-5300
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of ? 2016 Marcus & Millichap. Activity ID # X0332302
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