Starbucks Lacey, WA
INVESTMENT HIGHLIGHTS
High-Traffic Drive-Thru Location
The Property features a highly active drive-thru and is located off of Yelm Hwy SE and College St. SE featuring in excess of 43,000 VPD.
CORPORATE GUARANTEE (NASDAQ: SBUX)
The Lease is guaranteed by Starbucks Corporation (NASDAQ: SBUX) with an S&P credit rating of “BBB+”.
STRONG HISTORICAL OCCUPANCY
The Property was a build to suit for Starbucks in 2008, boasting over 16 years of successful operating history at this location.
10% RENT INCREASES EVERY 5-YEARS
The Lease features 10% rent increases every 5 years for the original lease term and all option periods, providing a hedge against inflation.
Ranked in the Top 79% of Starbucks in Washington State
Per Placer.ai, this Starbucks location ranks #59 out of 281 stores located in Washington state and #2 out of 11 Starbucks stores located within a 15 mile radius.
COMMITMENT TO LOCATION
In 2017, after opening for business at this location in 2008, Starbucks extended their lease for an additional 10 years, removed their early termination right, and added an additional 2, 5-year option periods
HIGH-QUALITY CONSTRUCTION
The property was built in 2008 and features CMU (concrete block) construction and high-end finishes.
PRIME RETAIL TRADE AREA
The Property benefits from being shadow anchored by a successful Lowe’s Home Improvement in an expanding shopping center. The Property shares the center with other national tenants such as: Taco Bell, Verizon, Jimmy John’s, MudBay, Dominos and more.
AFFLUENT, HIGH-GROWTH SUB-MARKET
The Property is located in the rapidly growing Lacey, WA sub-market. Since 2011, within a 5-mile radius of the Property, the population has grown by over 18% and now features household incomes exceeding $90,000/year.
Listing Agents:
CLAYTON J. BROWN
Ruthanne Loar
206.493.2622
ruthanne.loar@marcusmillichap.com
