PUGET SOUND LIBERTY BAY POULSBO NE HOSTMARK ST STATE HIGHWAY 305 PAUL SLEETH Executive Vice President Direct Line: +1 206 223 1266 paul.sleeth@colliers.com BILLY SLEETH Executive Vice President Direct Line: +1 206 654 0522 billy.sleeth@colliers.com COLLIERS RETAIL INVESTMENT SERVICES 601 Union Street, Suite 5300 Seattle, WA 98101 Phone +1 206 223 0866 Fax +1 206 223 1427
INVESTMENT HIGHLIGHTS This offering provides an opportunity to acquire a brand new free standing single tenant Starbucks with a drive thru on a new 10 year lease. The offering benefits from a strong credit tenant, scheduled rental increases, and brand new construction in an excellent location with frontage on State Route 305 the main highway through Poulsbo. The building is currently under construction with a projected delivery date in April 2017.» Investment Grade Global Tenant Starbucks: - S&P credit rating of A - Fortune 500 Company - Over $20 billion in annual sales - Over 25,000 locations in 75 countries worldwide» Excellent Location: - Intersection of Hostmark Street and Highway 305. - Traffic counts reaching 31,000 cars per day. - Excellent visibility and access.» New 10 Year NNN Lease Starbucks signed a new 10-year net lease providing long-term stability and tenant commitment to the location with minimal Landlord responsibility.» Contracted Rental Increases Starbucks lease contains 10% rental increases every five years, providing steady NOI growth.» Adjacent to CVS The site is adjacent to a new CVS Pharmacy built in 2014.» Relocation of Existing Store Starbucks is currently located two blocks away in an in-line space. They are relocating to the subject property, reflecting their current success and a long-term commitment to this trade area.» Starbucks Drive-Thru Starbucks has a drive-thru at this location, proving the desirability and strength of the site.» Brand New Construction The offering benefits from new high quality construction and curb appeal, delivery is projected in April 2017.» No Debt The property is being offered free and clear of debt» Residential Growth Poulsbo has strong future residential growth with over 1,400 new lots or plats currently approved and 183 residential projects currently under construction.» Main Retail Corridor Highway 305 is the main thoroughfare and retail corridor through Poulsbo with nearby retailers including Safeway, Central Market, CVS, Dollar Tree, and Rite Aid.
STATE HIGHWAY 305 STARBUCKS COFFEE SITE PLAN MONUMENT SIGN Land SF: 28,828 Building SF: 2,000 SF Projected Delivery Date: April 2017 31,000+ ADT NE HOSTMARK ST
Starbucks is currently under construction, the projected delivery date is April 2017 NE HOSTMARK ST STATE HIGHWAY 305 31,000+ ADT
BUILDING ELEVATIONS PROJECTED DELIVERY DATE: APRIL 2017 NORTH ELEVATION WEST ELEVATION EAST ELEVATION SOUTH ELEVATION
STATE HIGHWAY 305 MARK ST INVESTMENT GRADE GLOBAL TENANT EXCELLENT LOCATION NEW 10 YEAR NNN LEASE RELOCATION OF EXISTING STORE CONTRACTED RENTAL INCREASES MAIN RETAIL CORRIDOR ADJACENT TO CVS STARBUCKS DRIVE-THRU BRAND NEW CONSTRUCTION NO DEBT STRONG RESIDENTIAL GROWTH HIGH TRAFFIC COUNTS - 31,000 ADT
DEMOGRAPHICS Population 3 miles 5 miles 7 miles 2010 Population 17,395 43,955 75,509 2016 Population 18,147 44,970 76,788 2021 Population 18,618 45,877 78,081 Income 3 miles 5 miles 7 miles 2016 Median HH Income $69,271 $66,893 $69,121 2021 Median HH Income $78,609 $76,847 $79,203 2016 Average HH Income $83,829 $84,554 $90,462 2021 Average HH Income $91,724 $92,795 $99,512 3-MILE RADIUS 5-MILE RADIUS 7-MILE RADIUS
SEATTLE STATE HIGHWAY 305 PUGET SOUND POULSBO INVESTMENT GRADE GLOBAL TENANT EXCELLENT LOCATION NEW 10 YEAR NNN LEASE RELOCATION OF EXISTING STORE CONTRACTED RENTAL INCREASES MAIN RETAIL CORRIDOR ADJACENT TO CVS STARBUCKS DRIVE-THRU BRAND NEW CONSTRUCTION NO DEBT STRONG RESIDENTIAL GROWTH HIGH TRAFFIC COUNTS - 31,000 ADT
FINANCIALS Price: $2,120,000 NOI: $95,500 Cap Rate: 4.5% Land SF: Building SF: Lease Term: Rental Increases: Landlord Responsibilities: Lease Signature: 28,828 SF 2,000 SF 10 Year Firm Lease with 4, 5-year Options 10% Increases Every 5 Years Landlord Responsible for Structural Repairs & Replacements Starbucks Corporation Address: 18840 State Highway 305 NE, Poulsbo, WA 98370 Financing: Ownership: Offered Free & Clear Fee Simple Interest