Asking Price
Area Size
NOI Net Operating Income
NIY

Documents

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Attributes

Year Built 2015
Building Area Gross
Occupancy 100.0 %

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire a single-tenant drive-thru Starbucks (the “Property”, “Offering”), located in Glenpool, OK at the southern edge of Tulsa, OK MSA. The property was built in 2015 and has just under three years remaining in the initial term, with four 5-year options remaining. Located at the gateway to a Super-Walmart and multifamily anchored mixed-use center, immediately adjacent to Highway-75 (50,000 VPD), the Property offers extremely sought-after underlying real estate with high visibility and traffic exposure (65,000 VPD at the intersection). The surrounding mixed-use district is the largest and most visited shopping and residential community within a 5-mile radius, which has led to nearly 40% growth in the area over the last ten years. The recent development of the 348-unit Grandview Heights Luxury Apartments and the Holiday Inn Express have increased traffic to the subject location. Starbucks is one of the top performing within a 10-mile radius, creating a clear path to renewal at the expiration of the initial term. The Offering provides investors the opportunity to acquire a recent construction, drive-thru Starbucks at an above-market investment yield for Starbucks, with strong site performance and highly attractive highway adjacent real estate.


Investment Highlights

2.8 Years Remaining with 4 x 5-Year Options

Attractive Yield for a Strong Preforming Starbucks

#4 Most Visited Starbucks in a 10-Mile Radius

Upcoming 10% Rent Increase, 10% every 5 years

Corporate Starbucks Lease

Modern Drive-Thru Prototype, Built in 2015

Highway-Adjacent, High Visibility Site

Exposure to 65,000 vehicles Per Day

•Path of Growth Location – 72,000+ residents – Growing 38.8% Since 2010

Affluent Surrounding Population - $126,445 AHHI

Anchored by Super-Walmart & Mixed-Used Center

2.2 Million Annual Visitors to Walmart – top 30% in Oklahoma

Chick-Fil-A, Whataburger, McDonald’s, Sonic are neighboring tenants

Largest Shopping Center in Southern Tulsa MSA


Last Updated Date: 22 Aug 2022

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Last Updated Date: 22 Aug 2022

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