ACTUAL SITE STARBUCKS
[Pages:13]ACTUAL SITE
STARBUCKS
OFFERING MEMORANDUM | 1010 NORTH GAREY AVENUE | POMONA, CA
STARBUCKS
1010 NORTH GAREY AVENUE | POMONA, CA
OFFERING MEMORANDUM
This Memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation of this Memorandum have remained the same. Analysis and verification of the information contained in this Memorandum are solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the Property will be made available upon written request of interested and qualified prospective purchasers. Seller and Agent each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any party at any time with or without notice. Seller reserves the right to change the timing and procedures for the Offering process at any time in Seller's sole discretion. Seller shall have no legal commitment or obligations to any party reviewing this Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller, and a written agreement for the purchase of the Property has been fully executed and delivered by Seller and the Purchaser thereunder.
This Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not forward, photocopy or duplicate it, that you will not disclose this Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Agent, and that you will not use this Memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or Agent.
NET LEASE PRACTICE GROUP
KEN HEDRICK
Executive Managing Director Net Lease Practice Group ken.hedrick@ 918.878.9540
D. ANDREW RAGSDALE, Esq.
Senior Managing Director Net Lease Practice Group andrew.ragsdale@ 918.878.9535
JERRY HOPKINS
Senior Managing Director Net Lease Practice Group jerry.hopkins@ 918.878.9536
BRANDON ROGOFF Managing Director NKF Retail Capital Markets 415.445.5163 Brandon.Rogoff@ CA RE Lic #01949914
DEBT & EQUITY FINANCE
DUSTIN STOLLY
Vice Chairman, Co-Head New York Debt/Structured Finance dustin.stolly@ 212.372.2019
JORDAN ROESCHLAUB
Vice Chairman, Co-Head New York Debt/Structured Finance JRoeschlaub@ 212.372.0755
SUPPORT
JEN BLADEN
Senior Marketing Coordinator Net Lease Practice Group jen.bladen@ 918.878.9534
GARRETT HUIE
Financial Analyst garrett.huie@ 918.878.9534
KEZIA BELFIELD
Administrative Assistant kezia.belfield@ 918.878.9542
THE TEAM
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ACTUAL SITE
3 STARBUCKS: POMONA, CALIFORNIA NET LEASE PRACTICE GROUP
THE INVESTMENT 5 THE OFFERING INVESTMENT HIGHLIGHTS
THE TENANT 7 TENANT/CREDIT OVERVIEW 8 LEASE ABSTRACT RENT SCHEDULE
POMONA, CALIFORNIA 10 LOCATION OVERVIEW 12 DEMOGRAPHICS
THE INVESTMENT
4 STARBUCKS: POMONA, CALIFORNIA NET LEASE PRACTICE GROUP
PURCHASE PRICE $1,809,000
INVESTMENT-GRADE TENANT
NASDAQ: SBUX
(S&P: A- STABLE)
CORPORATE GUARANTEE 7 YEARS REMAINING ON A
10 YEAR LEASE 10%
RENT INCREASES EVERY FIVE YEARS
24,392 VPD
AT E. COLUMBIA & N. GAREY
THE OFFERING
Newmark Knight Frank Capital Markets Net Lease Practice Group (the "Agent") has been engaged as the exclusive sales representative for the sale of 1010 North Garey Avenue in Pomona, California (the "Property").
The Property is 100% leased to Starbucks (Nasdaq: SBUX) and is located within the heart of the Pomona market. The property boasts strong market exposure and benefits from nearby Metrolink rail stops.
INVESTMENT HIGHLIGHTS
DENSE URBAN INFILL LOCATION
The Property is well located just blocks from both the Pomona-Downtown (Red Line) and the Pomona-North (Purple Line) stops on the Metrolink Los Angeles-Riverside commuter rail system. The Property is just south of I-10 (San Bernardino Freeway) within the heart of the Pomona market, and benefits from high exposure and market presence.
7 YEARS REMAINING OF PRIMARY LEASE TERM
The Property boasts a new 10 year primary lease with seven years remaining, which is accompanied by four, five year renewal options.
STARBUCKS CORPORATE GUARANTEED
The Lease is 100% Guaranteed by Starbucks, which is rated A- by Standard and Poor's credit rating.
10% SCHEDULED RENT INCREASES
The Lease provides for scheduled 10% rent increases every 5 years throughout the primary term and option periods.
HIGHLY PASSIVE NN LEASE STRUCTURE
The Property provides investors with the opportunity to acquire a highly passive net lease, with minimal landlord responsibilities.
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THE TENANT
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TENANT/CREDIT OVERVIEW
Starbucks Corporation (NASDAQ: SBUX) is an American global coffee company and coffeehouse chain based in Seattle, Washington. Starbucks was founded in 1985 as a local coffee bean roaster and retailer and has grown into the largest coffeehouse company in the world. There are 23,768 Starbucks stores in 72 countries, including 13,107 in the United States.
Starbucks locations serve hot and cold beverages, whole-bean coffee, micro-ground instant coffee, full-leaf teas, pastries and snacks. Most stores also sell packaged food items, hot and cold sandwiches, and items such as mugs and tumblers. Starbucks Evenings locations also offer a variety of beers, wines, and small bites after 4 p.m.
Many of the company's products are seasonal or specific to the locality of the store, while Starbucks brand ice cream and coffee are also offered at grocery stores. Through Starbucks Entertainment division and Hear Music brand, the company also markets books, music, and films.
Starbucks has a strong presence both in the US and in the global marketplace due in part to its rapid growth over the last few decades. In the 1990s, Starbucks was opening a new store every workday, a pace that continued into the 2000s. The first store outside the United States or Canada opened in the mid-1990s, and overseas stores now constitute almost one third of Starbucks' stores.
As of October, 2016, Starbucks Corp had annual revenues of $21.32 billion, a net income of $2.82 billion, and a net worth of $5.88 billion. The company currently has an S&P rating of A/Stable.
ACTUAL SITE
7 STARBUCKS: POMONA, CALIFORNIA NET LEASE PRACTICE GROUP
LEASE ABSTRACT
Starbucks 1010 North Garey Avenue | Pomona, California
Property Address
1010 Garey Avenue, Pomona, CA
Effective date
Sept. 19, 2014
Tenant
Starbucks Corporation
Rent Commencement Date April 2015
Primary Term
10 Years
Option Periods
Four (4), five (5) year options
Lease Type Maintenance - LL Responsibilities Insurance
Taxes
Utilities
NN
Roof, Structure, Parking, Landscaping
Landlord - Carries liability for property insurance (reimbursed by Tenant) Landlord to pay directly. Tenant to reimburse landlord. Tenant to pay directly
Rentable Building Area
900 square feet
Estoppel
Yes, 30 day response
RENT SCHEDULE
Years
1-5 6-10 Extension Terms 11-25 16-20 21-25 26-30
Monthly Installment
$6,030 $6,633
$7,296 $8,025 $8,828 $9,711
Annual Rent
$72,360 $79,596
$87,555 $96,311 $105,942 $116,536
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ACTUAL SITE
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