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Jones Lang Lasalle, Inc. (JLL) is pleased to offer for sale the fee interest in a single-tenant property with a new long term NNN lease to Starbucks Corporation located in the Grand Lake neighborhood of Oakland, California.
The property, which boasts a brand new renovation completing December 2020, will be one of Starbucks' new 'Starbucks Pickup' store concepts, which the company is now rapidly rolling out across the country. Starbucks’ lease, which notably features a corporate guaranty and zero force majeure language, calls for 10 years of primary lease term and 10% increases in base rent every five years.
The property’s prime interior Bay Area location sets this offering apart, as Starbucks benefits from significant access from the I-580 Freeway, which sees 216,969 VPD and serves as the gateway connecting the East Bay and Central Valley to San Francisco. The property sits just North of Lake Merritt in the beating heart of one of Oakland's most exciting and visited retail districts, the bustling Grand Lake neighborhood, which is surrounded by countless amenities including sights, shopping, restaurants & entertainment. This Starbucks offering presents an investor the opportunity to acquire a long-term investment grade cash flow in a fortress interior Bay Area location.
- Fully renovated building
- New 10-year NN lease
- Zero Force Majeure language
- Investment Grade Credit: S&P BBB+ (Corporate quantity)
- Fortress interior Bay Area,
- Oakland location
- 216,969 VPD on 1-580
- $127,000 average HH Income
- Prototype 'Starbucks Pickup' location
- Fully operational as socially distance business