Strong Investment Grade Credit Tenant – Starbucks (S&P: A-) is the largest coffeehouse company in the world, with over 23,450 stores operating in 70 countries.
Brand New Construction with Drive-Thru – The subject property is a new build-to-suit with a drive-thru for Starbucks, completed in 1Q 2016.
New Lease with Excellent Rent Growth – The new 10-year lease features 10% rent increases every 5 years in both the primary term and (4) 5-year option periods.
Hard Corner Signalized Intersection – Excellent Visibility – The property sits on the hard corner signalized intersection of White Lane (29,000 cpd) and Hughes Lane (13,000 cpd), offering excellent visibility.
Bakersfield Municipal Airport Expansion/Restoration – The nearby airport has plans for a new, longer runway, new terminal, new airplane hangars, as well as a new airport mall with restaurants and services.
Strong Demographics – There are nearly 160,000 people living within a 5-mile radius of the subject property and home appreciation is up 15.7% in the last 12 months.