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STARBUCKS
5.60%CAP
$1,930,536PRICE
LEASEABLE SF2,276 SF
LAND AREA1.17 Acres
LEASE TYPECorporate -No Kick Out
LEASE EXPIRATION2/29/2028
YEAR BUILT2018
11900 N US-31, EDINBURGH, IN 46124
10-year lease with rental increases every five years
S&P “A-” Credit Rating - $22.4B 2017 Revenues
35 miles south of Indianapolis
Across from Edinburgh Premium Outlets – which has 85 stores
including Coach, Adidas, Polo Ralph Lauren, and others
Click HERE for more info on the Outlets
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. Buyer must verify the information and bears all risk for any inaccuracies.
2
Overview
THE OFFERING is a Starbucks with drive-thru in Edinburgh, Indiana. The subject property is a pad across the street from the Edinburgh Premium Outlets which features 85 national retailers. The shopping center is the primary retail trade area of Edinburg and draws visitors from surrounding communities. The subject property is the only coffee drive-thru in the immediate area that services the employees and customers of the outlet stores. The property enjoys over 35,000 vehicles per day from Highway 31 and another 45,000 vehicles per day from Interstate 65, which is less than 2 minutes away. Given the amount of traffic and retailers in the immediate area, there are not any available pads in front of or across from the outlets.
THE RETAIL MARKET - Immediate area retailers include Nike Factory Store, Adidas Factory Store, Colombia Sportswear, Coach, Banana Republic, Tommy Hilfiger, Gap, Charlotte Russe, and many more.
JOHN ANDREINIjandreini@capitalpacific.comPH: 415.274.2715CA BRE# 01440360
Contact the team
IN CONJUNCTION WITH IN LICENSED BROKER: Veritas Realty317.472.1800
STARBUCKS HAS OVER 13,000 LOCATIONS THE U.S.
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. Buyer must verify the information and bears all risk for any inaccuracies.
SURROUNDING RETAIL
3
Investment Highlights
65
31
31
HARTMAN DRIVE
45,320 VPD
35,740 VPD
INDIANAPOLIS37 MILES
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. Buyer must verify the information and bears all risk for any inaccuracies.
Aerial
4
SELECT TENANTS Abercrombie & Fitch Outlet, adidas, American Eagle Outfitters, Ann Taylor Factory Store, Banana Republic Factory Store, Calvin Klein Company Store, Coach Factory Store, Express Factory Outlet, Gap Outlet, G.H. Bass & Co., GUESS Factory Store, Gymboree Outlet, J.Crew Factory, Levi’s Outlet Store, Michael Kors, Nike Factory Store, OshKosh Outlet, Polo Ralph Lauren Factory Store, Puma, Tommy Hilfiger Company Store, Under Armour, Van Heusen, VF Outlet, White House I Black Market
TOURISM / TRAFFIC Indianapolis is one of the nation’s fastest growing metropolitan areas but has not lost its small town flavor and friendly atmosphere. In addition to its growing permanent population, Indianapolis welcomes an estimated 18 million visitors annually, which includes leisure travelers and convention delegates. Indianapolis is also home to some of the largest single-day sporting events in the world including the Indianapolis 500 in May and the Brickyard 400 in July.
MAJOR METROPOLITAN AREAS
Indianapolis: 35 milesBloomington: 45 milesLouisville, KY: 80 milesCincinnati, OH: 100 miles
RETAIL
GLA (sq. ft.) 378,000; 80 stores
OPENING DATES
Opened 1989Expanded 1994, 2005
LOCATIONS / DIRECTIONS
Conveniently located at the intersection of I-65 and US 31, 35 miles south of Indianapolis.— Bloomington, IN: Take US 46E, I-65N, Exit 76B— Louisville, KY: Take I-65N, Exit 76B— Cincinnati, OH: Take I-74W, US 46W, I-65N, Exit 76B This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations
or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
55
About Edinburgh Outlets
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. Buyer must verify the information and bears all risk for any inaccuracies.
PRICE $1,930,536 Price Per Square Foot: $848.21
Capitalization Rate: 5.60%
Total Rentable Area (SF): 2,276
Lot Size (AC): 1.17
STABILIZED INCOME PER SQUARE FOOTScheduled Rent $47.50 $108,110
Effective Gross Income $47.50 $108,110
LESS PER SQUARE FOOTTaxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $108,110
7
Income & Expense
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. Buyer must verify the information and bears all risk for any inaccuracies.
TENANT INFO LEASE TERMS RENT SUMMARY
TENANT NAME SQ. FT. CURRENT RENT
MONTHLY RENT
YEARLYRENT
MONTHLY RENT/FT
YEARLYRENT/FT
Starbucks 2,276 2/15/2018 2/28/2023 $108,110 $9,009 $108,110 $3.96 $47.50
3/1/2023 2/29/2028 $9,685 $116,218 $4.26 $51.06
Option 1 3/1/2028 2/28/2033 $10,411 $124,935 $4.57 $54.89
Option 2 3/1/2033 2/28/2038 $11,192 $134,305 $4.92 $59.01
Option 3 3/1/2038 2/28/2043 $12,031 $144,378 $5.29 $63.43
Option 4 3/1/2043 2/29/2048 $12,934 $155,206 $5.68 $68.19
TOTALS: 2,276 $108,110 $9,009 $108,110 $3.96 $47.50
8
Rent Roll
BASE RENT
DATE RANGE MONTHLY RENT ANNUAL RENT
2/15/2018 - 2/28/2023 $9,009 $108,1103/1/2023 - 2/29/2028 $9,685 $116,218
OPTION RENTSDATE RANGE MONTHLY RENT ANNUAL RENT
#1. 3/1/2028 - 2/28/2033 $10,411 $124,935 #2. 3/1/2033 - 2/28/2038 $11,192 $134,305#3. 3/1/2038 - 2/28/2043 $12,031 $144,378#4. 3/1/2043 - 2/29/2048 $12,934 $155,206
RENT
TENANT StarbucksBUILDING SF 2,276 SFLEASE TYPE NN CorporateTERM 10 YearsRENT COMMENCEMENT February 15, 2018EXPIRATION February 29, 2028OPTIONS Four 5-year options
PREMISE& TERM
TAXESTenant shall pay, directly to the taxing authority, all taxes assessed against Tenant’s personal property located in the Premises. Tenant shall also pay Landlord its pro-rata share of the Real Property Taxes.
UTILITIESTenant is responsible for direct payment of all utilities to the appropriate billing authority.
INSURANCETenant’s Insurance - Tenant shall maintain the following policies throughout the term: (1) Liability Insurance, naming Landlord as additional insured, with limits no less than $1 million per occurrence and $2 million in aggregate; and (2) Property Insurance providing coverage of Tenant’s fixtures, equipment and inventory.
Landlord’s Insurance - Landlord shall maintain the following policies throughout the term: (1) Liability Insurance with limits no less than $1 million per occurrence and $2 million in aggregate; and (ii) Special Form Property Insurance insuring the Building for full replacement value.
TENANT’S OBLIGATIONSTenant is responsible for the repairs and maintenance of all non-structural portions of the Premises, including the HVAC system.
LANDLORD’S OBLIGATIONSLandlord is responsible for the repairs and maintenance of the roof, structure, all parking areas, sidewalks, landscaping and drainage systems.
COMMON AREA OPERATING EXPENSES Tenant shall pay Landlord its pro-rata share of Operating Expenses, Landlord’s Insurance and Real Property Taxes throughout the term of the Lease.
EXPENSES
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. Buyer must verify the information and bears all risk for any inaccuracies.
9
Lease Abstract
MARKET PLACE D
RIVE
N PRESID
ENTIAL W
AY
HO
RIZON
DRIVE
N EXECUTIVE DRIVE
EDINBURGH PREMIUM OUTLETS
HEFLON PARK ROAD
N EXECUTIVE DRIVE
65
65
31
31 HARTM
AN DRIVE
45,320 VPD
35,740 VPD
Surrounding Retail Site Plan
10This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
NOT A PART
PYLON SIGN
31
31
HARTMAN DRIVE
HARTMAN DRIVE
EDINBURGH OUTLET CENTER
35,740 VPD
45,320 VPD
65
Site Plan
11This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
44SPACES
2,276RENTABLE SF
1.17ACRES
2017 NET REVENUES$22.4B
The world’s #1 specialty coffee retailer, Starbucks has more than 25,000 coffee shops in about 70 countries, and over 2,000 employees. The outlets offer coffee drinks and food items, as well as roasted beans, coffee accessories, and teas.
In 2017, the chain had a net revenue of $22.4 Billion, and an operating income of $4.4 Billion. Starbucks has a credit rating of A- from Standard & Poor, and is traded on the NASDAQ under SBUX.
ABOUT STARBUCKS
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. Buyer must verify the information and bears all risk for any inaccuracies.
RANKINGS
#3 - FORTUNE’S list of world’s most admired companies (2017)#146 - FORTUNE 500 list (2017)#45 - FORTUNE’S change the world list (2017)
S&P RATEDA-
12
Tenant Overview
POPULATION
3-MILE 5-MILES 10-MILES
2010 8,240 14,198 71,605
2017 8,648 14,957 77,608
2022 8,998 15,565 81,841
2017 HH INCOME
3-MILE 5-MILES 10-MILES
Average $53,854 $61,450 $74,243
TOP EMPLOYERS IN BARTHOLOMEW COUNTY
EMPLOYER
Faurecia Gladstone
Columbus Regional Hospital
NTN Driveshaft Inc
Cummins Inc.
Cosco Home & Office Products
EDINBURGH
THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS
IS OVER $61K
INDIANAPOLIS (42 MIN, 36 MILES)
This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 13
Demographics
EDINBURGH,INDIANA
EDINBURGH is located in central Indiana, approximately 35 miles south of the state capital of Indianapolis. Located between Indianapolis and Louisville, Edinburgh is part of the Columbus, Indiana MSA, and the Indianapolis CSA. Edinburgh is easily accessible from Interstate 65 or US 31, and is recognized for the Edinburgh Outlet Mall and Camp Atterbury military base. Edinburgh offers a small town atmosphere with a variety of amenities including a strong industrial base and specialty shops downtown. Due to its central location, Edinburgh and Howard County are easily accessible via a number of highways and interstates, and are located within driving distance from a number of large Midwestern cities including Chicago, Louisville, and Detroit.
THE INDIANAPOLIS CSA has been creating job growth over the past eight years with remarkable efficiency. During this period, the Columbus MSA (which falls within
the Indianapolis CSA) has produced about 13,100 jobs. For the past five years, Columbus employers consistently have provided a net 8,000-10,000 jobs to citizens outside of the Columbus MSA.
ABOUT INDIANAPOLIS CSA
2.4 MILLION
INDIANAPOLIS CSA POPULATION (ESTIMATED)
INDIANAPOLIS, IN
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. Buyer must verify the information and bears all risk for any inaccuracies. 14
Location Overview
INDIANAPOLIS, INDIANA
We’d love to hear from you.
CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM:
JOHN ANDREINIjandreini@capitalpacific.comPH: 415.274.2715CA BRE# 01440360
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. Buyer must verify the information and bears all risk for any inaccuracies.
IN CONJUNCTION WITH IN LICENSED BROKER: Veritas Realty317.472.1800
JOE CACCAMOJOHN ANDREINI
ZANDY SMITH
DAVE LUCAS
RICK SANNER JACK NAVARRA
CHRIS KOSTANECKIZEB RIPPLE CHRIS PETERS
JUSTIN SHARP
Copyright © 2018 Capital Pacific Partners
SFO. PDX. SEA. CAPITALPACIFIC.COM
EDINBURGH PREMIUM OUTLETS
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