Dutch Bros Coffee Ground Lease 12901 US 290

Investment Highlights

New 15-Year Absolute NNN Ground Lease to Dutch Bros (NYSE: BROS) Brand New High-Quality 2024 Construction with Drive-Thru Strong Co-Tenancy Adjacent to Belterra Village Mixed-Use Experience-Oriented Retail Center Scheduled 10% Rental Escalations Prominent Location within Ledgestone East Mixed-Use Office & Retail Center Approximately 1,400 Homes Under Construction or Completed with 9,000 Additional Residential Units Planned or Under Development Nearby

Executive Summary

The subject property is ideally situated with excellent visibility and access with frontage along US-290 (28,820 AADT) at its junction with Ledgestone Drive. The site benefits from a strong location along the growing Highway 290 retail corridor, approximately 16 miles east of downtown Austin and 7 miles west of Dripping Springs, a rapidly growing Austin suburb. The site benefits from robust, affluent demographics; population within a 15-mile radius exceeds 688,000, and the projected annual rate through 2028 within one mile of the site is 1.48%. Population within the property?s trade area is expected to increase 39% over the next five years due to significant new residential development activity. Average household income within five miles of the site is $192,643, and over 73% of surrounding households earn more than $100,000 annually. Median home value within five miles of the site is $640,131, nearly 60% higher than the median home value for the state of Texas overall. The property is ideally situated adjacent to the Belterra Village mixed-use development, which is part of Belterra, a 1,600 acre master planned community named the 2015 Master Planned Community of the Year. The development includes more than 200,000 square feet of retail space, with major tenants including Sky Cinemas, Breed & Co/Ace Hardware, Gold?s Gym, St. David?s Healthcare, and more. The property is also adjacent to a recently-opened 103,000 square foot H-E-B, with more than 300 employees, curbside and home delivery services, a bakery and tortilleria, drive-thru pharmacy, wine and beer department, gas station, and car wash. The development also includes hotel space, senior living, 215 residential units, and 83 single family homes. Currently, the development includes over 2,000 homes, with plans for up to 3,800 homes in the future. More than 9,000 additional residential units are planned or under development in the surrounding area. Major retail tenants neighboring the site include CVS, Walgreens, the Home Depot, Tractor Supply Company, Schlotzsky?s, Whataburger, Chase Bank, and more. This property is listed in conjunction with Texas-licensed real estate broker Delta Commercial.

• Sale Type    Investment NNN
• Sale Conditions    Ground Lease (Leasehold) Ground Lease (Leasehold) Ground Lease (Leased Fee) Ground Lease (Leasehold)
• Property Type    Retail
• Property Subtype    Fast Food Fast Food General Retail Freestanding Fast Food
• Building Size    950
• Building Class    C
• Year Built    2024
• Construction Status    Under Construction
• Price    2,000,000
• Price Per SF    2,105
• Cap Rate    4.75
• NOI    95,000
• Tenancy    Single
• Building Height    1 Story
• Building FAR    0.03
• Land Acres    0.77 AC