new construction - opening summer 2020 · salt lake city, las vegas, los angeles, and phoenix....

2 3 7 2 W. M a i n S t re e t , M e d fo rd , O R 9 7 5 0 1

NEW CONSTRUCTION - OPENING SUMMER 2020

S T A R B U C K S D R I V E T H R U

2 3 7 2

INVESTMENT OVERVIEW

FINANCIAL SUMMARY

Price $2,222,000

Terms ALL - CASH

Cap Rate 4.50%

Building Size 2,000 SF

Net Cash Flow $100,000

Year Built 2020

Lot Size 28,750 SF

RENT SUMMARY

Lease Years $/SF Monthly

InstallmentAnnual

RentAnnualReturn

1 - 5 $50.00 $8,333.33 $100,000.00 4.50%

6 - 10 $55.00 $9,166.67 $110,000.00 4.95%

11 - 15 $60.50 $10,083.33 $121,000.00 5.45%

16 - 20 $66.55 $11,091.67 $133,100.00 5.99%

21 - 25 $73.21 $12,200.83 $146,410.00 6.59%

26 - 30 $80.53 $13,420.92 $161,051.00 7.25%

EXECUTIVE SUMMARY

Marcus & Millichap has been selected to exclusively offer for sale the fee simple interest in 2372 W Main Street, Medford, OR leased to Starbucks.

Starbucks is an investment-grade “essential service” corporation operating a new Drive Thru restaurant location backed by the Tenant’s standard 10-year net lease, with four 5-year successive extensions, with 10% contractual rent increases. Rent commencement is scheduled for summer 2020.

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(E) ALBERTSON'S(E) RETAILBuilding 'D'

(E) RETAIL

WEST MAIN STREET

ROSS

LAN

E

12'-0

"

12'-0"

STARBUCKS2,000 SF250sf Patio

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4'-8"

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PROJ

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DESC

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LOCA

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1N11

9BC

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W. M

ain

Stre

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ane,

Med

ford

, OR

975

01

1/18/19

REVISIONS BY

JOB NO.:

SHEET

DRAWN BY:

PLOT DATE:

Approved for the Owner By: Date:

ISSUE DATE:

TO VERIFY SCALES BAR SHOULD MEASURE ONE INCH BY ONE SIXTEENTH INCH 0" 1"

P. McKECHNIE

SITE PLAN 002

.

..

.

..

.

..

.

SCALE 1" = 40' 0"

PROPOSED SITE PLAN

PROJ

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DESC

RIPT

ION:

PROJ

ECT

LOCA

TION

:

1N11

9BC

1170

0PA

RCEL

:

W. M

ain

Stre

et a

t Ros

s L

ane,

Med

ford

, OR

975

01

1/18/19

REVISIONS BY

JOB NO.:

SHEET

DRAWN BY:

PLOT DATE:

Approved for the Owner By: Date:

ISSUE DATE:

TO VERIFY SCALES BAR SHOULD MEASURE ONE INCH BY ONE SIXTEENTH INCH 0" 1"

LEASE ABSTRACT

Tenant ObligationsTenant shall pay to Landlord, as additional rent, (a) Tenant’s pro rata share of Operating Expenses, Landlord’s Insurance, and Real Property Taxes, (b) the entirety of Landlord’s cost for maintenance and repair of the real property where the Drive Thru is located (collectively known as “Annual Addi-tional Rent”).

Landlord ObligationsLandlord shall at its sole cost and expense, maintain the Building and the upkeep of the Roof.

CAM Tenant Pays Pro Rata Share

INS Tenant Pays Pro Rata Share

TAX Tenant Pays Pro Rata Share

MGMT Tenant Pays Pro Rata Share

ROOF 20 Year Warranty – Landlord Pays

STRUCTURE 2020 Construction – Landlord Pays

LEASE SUMMARY

Tenant Starbucks Drive Thru

Address 2372 W. Main Street, Medford, OR 97501

Lease Type Double-Net (NN)

Guarantor Corporate

Roof & Structure Landlord

Roof Warranty 20 years

Scheduled Delivery Date June-20

Estimated Lease Commencement August-20

Estimated Lease Expiration August-30

Lease Term 10 years

Rent Increases 10% every 5 years

Extension Terms Four (4) Five-year periods

Fee Simple Interest Parcel 1-043071-2

EXECUTIVE SUMMARY















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(E) ALB

ERTS

ON'S

(E) RETA

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'

(E) RETA

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WES

T MAIN

STR

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12'-0"

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250sf Patio

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PROJECT DESCRIPTION:

PROJECT LOCATION:

1N119BC11700PARCEL:

W. Main Street at Ross Lane, Medford, OR 97501

1/18/19

REVISIONSBY

JOB NO.:

SHEET

DRAWN BY:

PLOT DATE:

Approved for the Owner By:Date:

ISSUE DATE:

TO VERIFY SCALES BAR SHOULD MEASURE ONE INCH BY ONE SIXTEENTH INCH 0"

1"

P. McK

EC

HN

IE

SITE

PLA

N 002

...

...

...

.

SCA

LE

1" = 40' 0"

PRO

POSE

D SIT

E PL

AN

PROJECT DESCRIPTION:

PROJECT LOCATION:

1N119BC11700PARCEL:

W. Main Street at Ross Lane, Medford, OR 97501

1/18/19

REVISIONSBY

JOB NO.:

SHEET

DRAWN BY:

PLOT DATE:

Approved for the Owner By:Date:

ISSUE DATE:

TO VERIFY SCALES BAR SHOULD MEASURE ONE INCH BY ONE SIXTEENTH INCH 0"

1"

• Brand New 10 Year Corporate Credit Net Lease

• 2020 DRIVE THRU Construction

• 10% Rent Increases Every 5 Years

• Albertsons and SavOn -anchored Jackson Creek Out Parcel

• 20-Year Roof Warranty

INVESTMENT HIGHLIGHTS

SBUX

Baa1

Representative photo

JACKSON COUNTY COURTS

TRAFFIC GENERATORS

MAIN STMAIN STMC ANDREWS RD

MC ANDREWS RD

RO

SS LNR

OSS LN

MEDFORD

CENTRAL POINT

EAGLE POINT

JACKSONVILLE

AERIAL

WALGREENS

W M

AIN

ST

W M

AIN

ST

BLACK BIRD

TENANT OVERVIEW

Headquarters Seattle, WA

Stock Symbol SBUX (Nasdaq)

Credit Rating Moodys Baa1

Founded 1985

Locations 22,500+

Website www.starbucks.com

TENANT OVERVIEW

Starbucks is the premier roaster, marketer and retailer of specialty coffee in the world, operating in 69 countries. Formed in 1985, Starbucks Corporation’s common stock trades on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “SBUX.” The company purchases and roasts high-quality coffees that they sell, along with handcrafted coffee, tea and other beverages and a variety of fresh food items, through company-operated stores. Starbucks also sells a variety of coffee and tea products and license their trademarks through other channels such as licensed stores, grocery and national food service accounts.

AREA OVERVIEW

Medford is one of the most beautiful and livable areas in the Pacific Northwest. Located in Southern Oregon, Medford is surrounded by the majestic Cascade and Siskiyou Mountains, and is midway between San Francisco and Seattle, with daily direct flights serving those cities as well as Portland, Denver, Salt Lake City, Las Vegas, Los Angeles, and Phoenix. Medford offers breathtaking scenery in every direction, a growing economic base, a moderate climate, and an excellent quality of life. An amendment to the city’s Urban Growth Boundary was recently approved and has added 1,658 acres for future residential and employment development.

Medford is the demographic and economic hub of the Southern Oregon region. With the continued growth in healthcare, retail, and manufacturing along with retirees discovering this great region, the City anticipates a continued growth rate of 1.8% per year.

Medford is currently the 4th largest metro area in Oregon and is known throughout the country and the world for its pear orchards and vineyards, and is home to Harry & David, one of the world’s largest shippers of fruit and food gifts.

Medford’s economy is driven primarily by the healthcare industry. The area boasts several major and community medical centers and physician groups, with the Asante Health System and Providence Medford Medical Center being the largest healthcare employers, employing over 2,000 people.

JACKSON CREEK CENTER

POPULATION 1 MILE 3 MILES 5 MILES

2024 Projection 12,979 63,743 118,432

2019 Estimate 12,513 61,797 114,587

Growth 2019-2024 3.7% 3.1% 3.4%

HOUSEHOLDS 1 MILE 3 MILES 5 MILES

2024 Projection 4,905 25,504 48,690

2019 Estimate 4,704 24,582 46,755

Growth 2019-2024 4.3% 3.8% 4.1%

INCOME 1 MILE 3 MILES 5 MILES

2019 Est. AverageHousehold Income $49,000 $55,813 $66,899

2019 Est. MedianHousehold Income $37,229 $42,254 $50,235

DEMOGRAPHICS

C O N F I D E N T I A L I T Y & D I S C L A I M E R N O T I C E

C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. Activity ID ZAB0090366

N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N LY.P L E A S E C O N S U LT Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com

EXCLUSIVELY LISTED BY

BILL ROSESenior Managing Director

858) 373-3132 | (760) 402-3484 [email protected] License: CA 01170320

DANIEL COXAssociate

(858) 373-3190 | (858) [email protected]

License: CA 02104314

MICHAEL KASSERAssociate

(858) 373-3125 | (808) 769-0607 [email protected]


SAMUEL ROTHLicensed Assistant

(858) 373-3177 | (858) 922-5222 [email protected]


ADAM LEWISBroker of Record(503) 200-2000

[email protected] License: OR 201209561

new construction - opening summer 2020 · salt lake city, las vegas, los angeles, and phoenix....

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