Starbucks

Investment Overview

Rare “Café” format with significantly higher-end build-out Brand-new 10-year corporate Starbucks lease featuring 10% rental increases every 5 years throughout the base term and options. Starbucks is the largest coffee retailer in the world by both store count and revenue, operating over 41,000 locations across 89 global markets and generating over $37 billion in sales annually. The subject property is strategically positioned at the signalized hard-corner intersection of Keystone Avenue and Booth Street, in the heart of Reno’s Keystone commercial corridor, benefiting from a significant daytime employment base, nearby medical and government offices, and ±1,750 students directly across the street at Reno High School.

Investment Highlights

• Brand-New Lease: 10-year lease commenced in June of 2026 featuring 10% rental increases every 5 years
• Corporate Backing: Lease is signed by Starbucks Corporation, the largest coffee retailer in the world by both store count and revenue (see below)
• Build-To-Suit Construction: 2026 construction to tenant’s latest prototype with drive-thru and outdoor seating area
• Ideal Positioning: Strategically located at the signalized hard-corner intersection of Keystone Avenue and Booth Street (19,981 combined VPD)
• #1 Coffee Retailer: Starbucks (NASDAQ: SBUX) is the largest coffee retailer in the world, operating over 41,00 locations across 89 global markets
• Robust Sales: FY 2025 revenue totaled $37.2 billion, a 2.8% increase over the previous year
• Investment-Grade Credit: Starbucks features an investment-grade credit rating (S&P: BBB+)
• Across From High School: Significant before school student traffic as well as at lunchtime when students are allowed to leave campus
• Affluent Demographics: $107-110K average household incomes within a 1, 3, and 5-mile radius of the subject property
• Natural Customer Base: Subject property is located in Reno’s Keystone commercial corridor, which features a significant daytime employment base, nearby medical and government offices, and ±1,750 students directly across the street at Reno High School