Property Highlights
- Freestanding, single-tenant drive-thru building comprised of 2,146 SF new build retail
- 12 owned parking stalls
- 100% occupied by Starbucks
- Built in 2019
Tenant Highlights
- Starbucks is an American coffee company and coffeehouse chain founded in 1971
- Starbucks operates 30,000 stores across 80 markets (as of June 30, 2019)
- Starbucks Corporation's common stock is listed on NASDAQ, under the trading symbol SBUX.
You can review all of the due diligence done on the property within your account.
Investment Thesis
Initial hold of 5 years with the potential to sell the property if advantageous. You can read more details in the Offering Memorandum for this property.
“The tenant (Starbucks) has solid financial strength, the building has a great location and a well-designed and very functional drive-thru, there is a good return in terms of cash flow, with contractual rent steps that go up every year,” said Steve Evans, addy board member and President of Sunstone Realty Advisors and Co-Founder and former CEO of Pure Industrial Real Estate Trust and Pure Multi-Family REIT LP. “The asset has a triple net or carefree-lease and given the COVID 19 pandemic, we are getting it at a very good cap rate. Plus, Chilliwack is an affordable market compared to Vancouver and it is growing quickly – businesses like the new Molson Brewery are driving job creation in the area further strengthening the economic outlook for the city.”
