Starbucks (Albuquerque, New Mexico) 220 Tramway Blvd SE 1,310 SF Retail Building Albuquerque, NM 87123 $2,896,000 ($2,210.69/SF) 6% Cap Rate

CBRE is pleased to exclusively offer a 1,310-square foot single-tenant, brand new construction, drive-thru only Starbucks asset located in Albuquerque, New Mexico (the “Property”). The offering is inclusive of a new 10-year lease that features four 5-year options to renew and contractual rent increases every five years. The lease features a corporate guarantee from Starbucks Corporation (S&P: BBB+), one of the nation’s preeminent retailers with consolidated annual net revenue in excess of $9.1 billion (FY Sept 2024).
Starbucks - Albuquerque is shadow anchored by Smith’s (Kroger), which has maintained a presence at the Tramway Boulevard SE and Central Ave NE intersection since the late 1980s. This Smith’s location is a top 5% visited grocery store in New Mexico accounting for 1.2M visits and 151.2K visitors over the past 12 months (placer.ai), creating retail synergy and cross over traffic with Starbucks.
The Property further benefits from its location at the dominant intersection at the Tramway Boulevard SE exit of I-40 and Central Ave NE, a heavily trafficked corridor in the Albuquerque MSA and drive-by exposure to over 34,800 vehicles per day . Significant consideration of positioning Starbucks at this location was given to the fact that the Tramway Boulevard exit is the first stop entering Albuquerque from I-40 East and the last stop departing Albuquerque from I-40 West.
The drive-thru building serves a population of over 70,000 people in a 3-mile radius with average household incomes in excess of $93,000. Growth of high-end communities on the east side of the mountain, like Paa-Ko Ridge, are exclusively served by this location.
Starbucks - Albuquerque is being offered free and clear of existing debt on an “As-Is/Where Is” basis.