Better Buzz Coffee
6912 Miramar Rd, San Diego, CA 92121
Price: $3,300,000
Status: Sold
Cap Rate: 4.00%
Year Built: 2019
NOI: $140,000
Lot Size: 0.40 acres
Price Per Foot:
Lease Type: NNN
Remaining Term: 11 Years (Under Construction)
GLA: 1390 sqft
Property Intro
Lee & Associates is pleased to exclusively offer for sale, the fee simple interest (land & building) in a Better Buzz Coffee property located in Miramar, CA (San Diego) (the “Property”). Currently under construction, the Property consists of a 1,399-square-foot retail building with drive-thru situated on a 0.40-acre parcel. The building is leased by Better Buzz Coffee (www.betterbuzzcoffee.com), one of San Diego’s most popular and prolific coffee companies. Anchored by its production roastery in Vista (North San Diego County) which delivers fresh coffee throughout the week to its 11 satellite locations within San Diego County (Mission Beach, Pacific Beach, Point Loma, Fashion Valley, Pacific Beach West, La Jolla, Encinitas, Miramar, San Marcos and its stunning multi-level corporate office and cafe in Hillcrest).
investment highlights
- BETTER BUZZ COFFEE • 11 LOCATIONS WITHIN SAN DIEGO COUNTY • STRONG BALANCE SHEET & STRONG AVERAGE STORE SALES ($1.95M IN 2018) • UNPRECEDENTED GROWTH
- The building is leased by Better Buzz Coffee (www.betterbuzzcoffee.com), one of San Diego’s most popular and prolific coffee companies. Anchored by its production roastery in Vista (North San Diego County) which delivers fresh coffee throughout the week to its 11 satellite locations within San Diego County (Mission Beach, Pacific Beach, Point Loma, Fashion Valley, Pacific Beach West, La Jolla, Encinitas, Miramar, San Marcos and its stunning multi-level corporate office and cafe in Hillcrest).
- The company has shown unprecedented growth the past 36 months and is planning to open at least two additional locations by the end of 2019. The company’s success in San Diego County is hard to argue as they are showing a strong $1,950,000 average store level sales for 2018.
- BRAND NEW BUILD TO SUIT CONSTRUCTION • NEW 20 YEAR NNN LEASE • 10% RENT INCREASES EVERY 5 YEARS
- The Miramar location will be a newly constructed build-to-suit for Better Buzz Coffee and will feature a drive-thru lane and access from busy Miramar Road (46,000 CPD). Better Buzz Coffee has executed a new 20-year NNN lease that will feature (2) 5-year renewal options. Additionally, the lease calls for 10% rent increases every 5 years in both the Primary term and the Option periods, providing for outstanding income growth.
- DESIRABLE MIRAMAR SUBMARKET: 14 MILLION SF OF INDUSTRIAL, OFFICE & RETAIL SPACE • 91% OCCUPANCY RATE IN TRADE AREA • STRONG COMMUTER TRAFFIC ALONG MIRAMAR ROAD (46,000 CPD)
- The subject property is ideally located along Miramar Rd, which is a main commuter corridor to/from Interstate 805, La Jolla, Miramar Air Station, and Interstate 15. This location offers an outstanding customer draw to the area and excellent visibility & signage to 46,000+ cars per day.
- The Miramar submarket consists of approximately 14 million square feet of distribution, warehouse, office, and Miramar Road frontage retail related space. Miramar is one of San Diego County’s most recognized real estate markets due in part to its central location, size, and traditional industrial characteristics. This market historically maintains one of the highest occupancy rates in the county, with recent occupancy rates at approximately 91%.
- LOCATED NEAR ENTRANCE TO MARINE CORPS AIR STATION MIRAMAR • HOME TO 12,000+ PERSONNEL
- The Better Buzz is located near the entrance to the Marine Corps Air Station Miramar, which is home to the 3rd Marine Aircraft Wing, the aviation element of the 1st Marine Expeditionary Force. The base is home to more than 12,200 Marines, Sailors and civilians, making it a major employer and shaper of the neighborhood’s culture and overall character. Over 56% of employed workers living in Miramar are employed by MCAS Miramar. Most of the residential real estate is renter occupied.
- LOCATED IN STRONG RETAIL TRADE AREA • NATIONAL TENANTS JIFFY LUBE, DIXIELINE LUMBER, ASHLEY HOMESTORE, MATTRESS FIRM • STRONG RETAIL SYNERGY
- The property is located in a strong retail trade area with neighboring tenants including Denny’s, McDonald’s, Jiffy Lube, Mattress Firm, Chevron, Dixieline Lumber, Ashley HomeStore, and more. There are nearly 258,000 people within a 5-mile radius of the subject property with an average household income of $126,000.
- MIRAMAR: ONE OF SAN DIEGO COUNTY’S MOST RECOGNIZED REAL ESTATE MARKETS • CITY OF SAN DIEGO-8TH LARGEST CITY IN THE U.S. & 2ND LARGEST CITY IN CALIFORNIA
- San Diego is the eighth-largest city in the U.S. and the second largest in California. The city is the seat of San Diego County and is the economic center of the region. San Diego’s main economic engines are military and defense-related activities, tourism, international trade, and manufacturing. Additionally, the presence of the University of California, San Diego (UCSD), with the affiliated UCSD Medical Center, has helped make the area a center of research in biotechnology.
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