Two-Tenant Net Lease Investment Property
Starbucks / Sakura
High Volume Starbucks | Prime Retail Location
Two-Tenant Net Lease Investment Property
Actual Property
F O R M O R E I N F O R M AT I O N C O N TA C T:
Mark Drazek
Senior Vice President
Net Lease Property Group
407.839.3123
mark.drazek@cbre.com
CBRE
189 S. Orange Avenue
Suite 1900
Orlando, FL 32801
CBRE, Inc. | Licensed Real Estate Broker
Confidential Memorandum & Disclaimer
Disclaimer
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
This Offering Memorandum was prepared by CBRE, Inc. (“Broker”) solely for the use of prospective purchasers of 10718-10722 Big Bend Road, Riverview (Tampa MSA), FL
33579 (the “Property”). Neither the Broker nor the owner of the Property (“Owner”) makes any representation or warranty, expressed or implied, as to the completeness or accuracy
of the material contained in the Offering Memorandum.
Prospective purchasers of the Property are advised that changes may have occurred in the physical or financial condition of the Property since the time this Offering Memorandum or
the financial statements therein were made by Broker and not by Owner and are based upon assumptions or events beyond the control of Broker and Owner, and therefore may be
subject to variation. Other than historical revenue and operating expense figures for the Property, Owner has not, and will not, provide Broker or any prospective purchaser with any
income or expense figures, budgets, or projections regarding the Property. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive
review and analysis of the Property.
The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Property. The Owner and Broker expressly reserve the right, at their sole discretion, to reject
any or all expressions of interest or offers to purchase the Property, and expressly reserve the right at their sole discretion, to terminate discussions with any entity at any time with
or without notice. The owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless
and until such offer for the Property is approved by owner pursuant to its Finance Committee authorities and the signature of the Vice President or Owner is affixed to a Real Estate
Purchase Agreement prepared by Owner. This Offering Memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you will hold and treat the Offering
Memorandum and its contents in the strictest of confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not disclose the
Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner, and (iv) that you will not use the Offering Memorandum in any
fashion or manner detrimental to the Owner or Broker.
This property is located in a Special Flood Hazard Area. Federal law requires that as a condition of obtaining federally related financing on most properties located in “flood
zones”, banks, savings and loan associations, and some insurance lenders must require that flood insurance be carried where the property, real or personal, is security for
the loan.
© 2013 CBRE, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or
representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without
notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and
legal advisors should conduct your own investigation of the property and transaction. Licensed Real Estate Broker.
CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document
are the property of their respective owners.
Executive Summary
Executive Summary
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
STARBUCKS/Sakura
Price:
$1,805,800
NOI:
INCOME
Base Rent
RE Tax Reimbursement
Insurance Reimbursement
CAM Reimbursement
Gross Income
OPERATING EXPENSES
Real Estate Taxes
Insurance CAM
Total Operating Expenses
Net Operating Income
Capital Reserves
NOI after Capital Reserves
CBRE is pleased to present this high quality two tenant retail property located in
Riverview, FL. The 5,000 SF building was built in 2009 and sits on 1.80 acres.
The property is leased to Starbucks and Wasabi Riverview, LLC dba Sakura
Japanese Steakhouse (15 unit operator) with personal guaranty. The property
is very well located in the primary retail hub of a high growth Tampa MSA suburb. Surrounding tenants include Publix, Sam’s Club, Sweetbay, Walgreens,
Autozone and many more. The property includes fixed rental increases as well
as full reimbursement of operating expenses and allows for reimbursement of
management fees.
I n v estment H i g hli g hts :
• High traffic Starbucks location
• Fixed rental increases
• Tenant’s reimburse all expenses including management fee
• Tremendous retail synergy – Surrounded by tenants such as Publix, Sweetbay, Sam’s Club, Walgreens
• Solid fundamentals
8.00%
Tenant:
Starbucks
Wasabi Riverview, LLC
Rental Increases:
Starbucks: 10% every 5 years including options
Wasabi: $1 PSF in years 3 - 4 and then 3% in
year 5 and annually in options
Initial Lease Term:
Starbucks 7 years remaining on a 10 year term
Wasabi 2 ½ years remaining on a 5 year term
Options:
Starbucks: (4) 5-year options
Wasabi: (1) 5-year option
Rent Commencement:
Starbucks: May 2009
Wasabi: August 2010
Landlord Obligations:
Common area / Capital improvements
Existing Financing:
None
Building Size:
5,000± SF
Starbucks: 1,793 SF
Land Size:
1.80± Acres
Parking Spaces:
53 spaces (10.43 spaces per 1,000 SF)
Year Built:
2009
1
33,712
6,903
13,311
53,926
145,481
1,017
144,464
Cap Rate:
• No debt to assume – Able to pay all cash
• Florida has no State Income Tax
145,481
33,712
6,903
13,311
199,407
Wasabi: 3,207 SF
Aerial Photographs
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Aerial Photographs - Looking north
21
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1
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17,30
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2
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17,300 cars
21
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Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Aerial Photographs - Looking south
ad
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Starbucks
3
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Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Starbucks
Big
Aerial Photographs
Aerial Photographs - Looking east
21,900 cars
US 301
4
Road
17,30
s
0 car
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
end
Big B
Property Photographs
Aerial Photographs - Looking west
US 301
21,900 cars
Starbucks
5
Property Photographs
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
AERiaL Photograph
6
Property Photographs
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Property Photographs
7
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Property Photographs
8
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Property Photographs
9
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Property Photographs
10
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Property Photographs
11
Site Plan
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Site Plan
12
Property Locator Maps
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Property Locator Maps
Starbucks
13
Property Locator Maps
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Property Locator Maps
Starbucks
14
Property Locator Maps
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Property Locator Maps
Starbucks
15
Demographics
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
Demographics
1 mile radius
3 mile radius
5 mile radius
2013 Estimated Population
2018 Projected Population
2010 Census Population
2000 Census Population
Growth 2010-2013
Growth 2013-2018
2013 Estimated Households
2013 Est. Average Household Income
2018 Prj. Average Household Income
2000 Cen. Avg. Household Income
2013 Est. Average Household Size
2013 Est. Median Household Income
2018 Prj. Median Household Income
2000 Cen. Median Household Income
2013 Estimated Population by Age
2013 Estimated Median Age
2013 Estimated Average Age
2013 Estimated Population Over 25 by Educational
Attainment
2013 Estimated Males
10,594
12,527
9,169
2,052
15.54%
18.24%
3,544
$68,970
$67,356
$58,562
3.11
$62,719
$60,754
$52,627
10,594
31.98
31.85
45,330
53,204
39,635
10,006
14.37%
17.37%
14,206
$67,762
$66,152
$52,416
3.12
$60,523
$58,880
$45,603
45,330
32.17
32.29
85,210
97,391
76,533
35,893
11.34%
14.29%
29,102
$63,765
$62,159
$50,890
2.90
$54,317
$52,795
$40,973
85,210
34.92
35.84
6,440
27,702
54,663
5,022
21,738
41,296
2013 Estimated Females
5,572
23,592
43,915
2013 Estimated Population by Race and Origin
- White Population
- Black Population
- Asian Population
- Pacific Islander Population
- American Indian and Alaska Native
- Other Race Population
- Two or More Races Population
- Hispanic Population
- White Non-Hispanic Population
2013 Est. Median Housing Value
2013 Est. Average Housing Value
Active Postal Delivery Counts
Possible Postal Delivery Counts
Employees
Establishments
10,594
6,082
2,676
470
7
42
705
612
2,775
4,396
$145,111
$158,935
3,371
3,371
1,935
210
45,330
27,225
10,674
1,870
35
151
3,053
2,321
11,674
20,031
$147,015
$159,400
13,241
13,241
3,863
401
85,210
57,702
15,032
2,676
78
327
5,807
3,588
21,765
44,024
$139,427
$155,008
28,122
28,258
12,471
1,497
16
Tenant description
Starbucks Corporation
Starbucks Coffee 10718-10722 Big Bend Road Riverview (Tampa MSA), FL 33579
NYSE: SBUX
S&P:A- | Stable
The world’s #1 specialty coffee retailer, Starbucks has more than 17,000 coffee shops in about 40 countries. The outlets offer coffee drinks and food items, as well as
roasted beans, coffee accessories, and teas. Starbucks operates more than 9,000 of its shops, which are located in about 10 countries (mostly in the US), while licensees
and franchisees operate almost 8,000 units worldwide (primarily in shopping centers and airports). The company also owns the Seattle’s Best Coffee and Torrefazione Italia
coffee brands. In addition, Starbucks markets its coffee through grocery stores and licenses its brand for other food and beverage products.
Wasabi Riverview, LLC and Jian Feng Huang
dba: Sakura Japanese Steakhouse
Franchisee | 15 Unit Operator | Personal Guaranty
Franchise:
Sakura Japanese Steakhouse was founded in 1988 in Fredericksburg, VA. The company’s philosophy is to serve fresh and healthy food that is low in fat the food is always
prepared with great care and beautifully presented with an unyielding commitment to great food, service, and attitude. The freshest ingredients are combined in ways that
delight the eyes as well as the taste buds. Seasonings are generally very simple in order to enhance the natural flavors.
Franchisee:
Jian Feng Huang- 15 unit operator with personal guarantee.
Two-Tenant Net Lease Investment Property
Starbucks / Sakura
High Volume Starbucks | Prime Retail Location
Two-Tenant Net Lease Investment Property
F O R M O R E I N F O R M AT I O N C O N TA C T:
Mark Drazek
Senior Vice President
Net Lease Property Group
407.839.3123
mark.drazek@cbre.com
CBRE, Inc. | Licensed Real Estate Broker