Starbucks (GL)

1760 Briargate Blvd, Colorado Springs, CO 80920

$1,333,333

Cap Rate 5.10%

Views: 45 DOM: 69 Updated: 05.05.24 Posted: 03.10.24 Status: Active

Summary

Price $1,333,333	Built/Renov 2014	Tenant Starbucks (GL)
Cap Rate 5.10%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 380	Lease Start 12-01-2013	#Units 36,000
Price/SF $3,508.77	Expiration 06-30-2034	Tenant Type Fast Food/QSR
NOI $68,000	R. Term 10.1	Ownership Ground Lease
Rent/SF $178.95	Increases 9.0%/5/yrs	Pop 5Mi 206,329
Lot/AC 0.27	Options 4/5yrs/10%	AHHI 5Mi $122,664

Lease Highlights

Starbucks has 10+ years remaining on the current ground lease term with 4 (5-year) options to extend
The lease features 9% rental escalations throughout the initial term and 10% in each option period
Absolute NNN | Zero landlord responsibilities
Corporate guarantee (NASDAQ: SBUX)
Investment grade tenant (S&P: BBB+)

Location Description

Starbucks is strategically located along the signalized, hard corner intersection of Briargate Boulevard, with access to 21,800 vehicles passing by daily. The property is positioned as an outparcel to Chapel Hills Mall, a regional shopping destination with anchor stores including Macy’s and AMC Theaters, among others. Moreover, the property is within close proximity to North Academy Boulevard,...

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Key Features

Build to suit
Dense retail corridor
Shopping Ctr out-parcel
Strong demographics
Major MSA
Absolute NNN
Long 10+ yr lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Colorado Springs, Colorado Zip Code 80920 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Starbucks
Guarantor:Corp T and Rated
Company:Starbucks Corporation
# Units:36,000
Tenant S&P: BBB+
Moody’s: Baa1
Stock: NASDAQ: SBUX

About Tenant

Starbucks Corporation is the leading roaster, retailer, and marketer of specialty coffee in the world. In addition to drinks and food, many stores carry Starbucks' official merchandise, such...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	7,022	79,866	215,104
2023 Total Population :	6,593	78,591	206,059
2023 Employed Civilian Pop :	3,267	40,081	102,615
2023 Total Businesses :	735	3,551	7,746
2023 Average Household Income :	$ 104,450	$ 121,913	$ 122,768
2023 Total Consumer Spending :	$ 253 M	$ 3186 M	$ 8352 M
2023 Median Age :	38	39	37
2023 Total Households :	2,802	30,696	79,802
2023 Pop Age 25+: Bachelor's Degree :	1,440	16,561	41,197
2023 Average Home Value :	$ 463,961	$ 486,425	$ 491,081

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Briargate Blvd	Chapel Hills Dr	2013	17,634	0.08 mi
Chapel Hills Dr	Briargate Blvd	2013	11,600	0.14 mi
Chapel Hills Dr	Independence Dr	2006	9,470	0.15 mi
Briargate Blvd	N Academy Blvd	2015	21,845	0.26 mi
Briargate Boulevard	Chapel Hills Dr	2021	15,787	0.27 mi
Mirage Drive	Chapel Hills Dr	2021	3,487	0.30 mi
Chapel Hills Dr	Mirage Dr	2000	20,514	0.31 mi
North Academy Boulevard	E Woodmen Rd	2021	40,935	0.32 mi
State Hwy 83	Briargate Blvd	2013	41,322	0.33 mi
State Hwy 83	Briargate Blvd	2013	39,527	0.37 mi

Listing Broker

Zach Wright

The Boulder Group (Denver)

Contact

9 Listings
377 Views
3 Sold

Jimmy Goodman

The Boulder Group

Contact

146 Listings
6612 Views
46 Sold

Zach Wright

Zach Wright is a Vice President and Head of the Denver office of The Boulder Group. Zach specializes on the sale of net leased investment properties located nationally, with a focus on the Rocky Mountain and Midwest states. The key to Zach’s success is his work ethic and drive to constantly improve ways in which he can create value for his clients. Through a vast network built upon strong relationships and a honest reputation, Zach is able to successfully assist clients with the acquisition and

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Jimmy Goodman

Goodman is a partner at The Boulder Group, with over 15 years of experience in the investment real estate sector. His career began at PricewaterhouseCoopers in 2001 and afterward, he has been solely focused on investment real estate. He has been featured in multiple publications including Globe Street, Commercial Property Executive, Real Estate Forum and was a featured speaker at Real Share’s Net Lease Conference. He is a member of the International Council of Shopping Centers and received a Ba

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Randy Blankstein

The Boulder Group

Contact

138 Listings
6064 Views
46 Sold

Randy Blankstein

President of The Boulder Group, Blankstein is a senior commercial real estate executive with over 30 years of experience focused on advisory services in the single tenant net lease sector. Led The Boulder Group to a top 10 company national ranking for single tenant retail transactions by both CoStar and Real Capital Analytics from 2010-2021. Founded and managed net leased companies on both the advisory and principal sides that have been involved in over $7 billion in single tenant transaction

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