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Subject Property

Starbucks | Verizon
4515 Lincolnway East, Mishawaka, IN 46544

10% Rental Increases | National Tenants | Best Signalized Corner in Market


Offered
Exclusively by Table of Contents
The Offering................................................................3 Tenant Summary – Verizon Wireless................10
Tom Fritz
Senior Director Investment Highlights............................................ 4 Location Summary.................................................. 11
tfritz@stanjohnsonco.com Rent Roll......................................................................5 Regional Maps.......................................................... 12
+1 312.777.2445 In-Place NOI................................................................6 Aerial Maps............................................................... 13
IN Lic. #RB14048630 Lease Abstract - Starbucks...................................7 Site Plan..................................................................... 15
Tenant Summary - Starbucks...............................8 Building Ground Shots.......................................... 16
Brandon Duff
Regional Director Lease Abstract - Verizon Wireless......................9 Demographics.......................................................... 17
bduff@stanjohnsonco.com
+1 312.240.0162

Mackenzie Wolfgram
Confidentiality and Restricted Use Agreement
Associate This Confidential Offering Memorandum (“COM”) is provided by Stan Johnson Company (“SJC”), solely for your
mwolfgram@stanjohnsonco.com consideration of the opportunity to acquire the commercial property described herein (the “Property”). This COM may
+1 312.777.2454 be used only as stated herein and shall not be used for any other purpose, or in any other manner, without prior written
authorization and consent of SJC.
Matt Spangenberg
This COM does not constitute or pertain to an offer of a security or an offer of any investment contract. This COM
Associate Director contains descriptive materials, financial information and other data compiled by SJC for the convenience of parties who
mspangenberg@stanjohnsonco.com may be interested in the Property. Such information is not all inclusive and is not represented to include all information
+1 312.777.2442 that may be material to an evaluation of the acquisition opportunity presented. SJC has not independently verified any
of the information contained herein and makes no representations or warranties of any kind concerning the accuracy or
completeness thereof. All summaries and discussions of documentation and/or financial information contained herein are
qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be
made available. An interested party must conduct its own independent investigation and verification of any information
the party deems material to consideration of the opportunity, or otherwise appropriate, without reliance upon SJC.

The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the right to
negotiate with any number of interested parties at any time. The Property is offered and sold by its owner(s) as is, where
is, and with all faults, without representation or warranty of any kind except for any customary warranties of title.

BY ACCEPTING THIS COM, YOU AGREE THAT: (1) all information contained herein, and all other information you
have received or may hereafter receive from SJC relating to the Property, whether oral, written or in any other form
(collectively, the “Information”), is strictly confidential; (2) you will not copy or reproduce, and claim as your own without
attribution to SJC, all or any part of this COM or the Information; (3) upon request by SJC at any time, you will return and/
or certify your complete destruction of all copies of this COM and the Information; (4) for yourself and all your affiliates,
officers, employees, representatives, agents and principals, you hereby release and agree to indemnify and hold harmless
Stan Johnson Company SJC all of its affiliates, officers, employees, representatives, agents and principals, from and with respect to any and all
claims and liabilities arising from or related to the receipt or use of this COM and/or any other Information concerning
303 East Wacker Drive | Suite 1111 the Property; (5) you will not provide this COM or any of the Information to any other party unless you first obtain such
Chicago, Illinois 60601 party’s acceptance and approval of all terms, conditions, limitations and agreements set forth herein, as being applicable
P: +1 312.240.0127 | F: +1 312.240.0158 to such party as well as to you; and (6) monetary damages alone will not be an adequate remedy for a violation of
these terms and that SJC shall be entitled to equitable relief, including, but not limited to, injunctive relief and specific
performance, in connection with such a violation and shall not be required to post a bond when obtaining such relief.
stanjohnsonco.com
The Offering Investment Summary
Stan Johnson Company (“SJC") is pleased to offer the opportunity to
acquire a freestanding two-tenant building leased to Starbucks and
Price: $2,442,000 Cap Rate: 6.60%
Verizon Wireless. Both Tenants are national companies and leaders in their
Location 4515 Lincolnway East, Mishawaka, IN 46544
respective industries. The site itself consists of a 4,953 sf building on 2.94
acres and is located at the best signalized corner in the local market. County St. Joseph County

Tenancy Multi-Tenant
Lincolnway East is the primary east/west corridor for the area and offers Property Type Retail
16,235 VPD. Bittersweet Road is the primary north/south corridor and
Building Size (SF) 4,953 SF
starts north of the St. Joseph River and ends at the subject property with
excellent visibility. It is one of only three bridges in a 6 mile span that cross Land Area (Acres) 2.94 Acres
the St. Joseph River, making this a heavily traveled corridor with 13,123 Year Built / Renovated 2003 / 2019
VPD. This gives the subject site a total of 29,358 combined VPD and
No. of Tenants 2
makes this site one of the most heavily traveled intersections in the area.
No. of Floors 1
The site also benefits from being near Martin's Supermarkets, which is the
area's dominant grocer. Other tenants at the intersection include CVS and Occupancy 100%
Walgreens, which demonstrates the quality of real estate being best in the Ownership Interest Fee Simple
market.
Encumbrances None

Environmental Clean Phase I from 12-12-17


Both leases offer 10.00% rental increases every 5 years, while Verizon
offers both unit level and corporate level financial reporting. This location is
expected to do very well for both tenants with excellent demographics and
Best Corner Signalized
minimal competition nearby. There are no Dunkin' Donuts in the area while
In the Market Access
the nearest McDonald's is over 2 miles west of the site with the next closest
2.5 miles east. Starbucks is at the prime corner and offers convenient
morning access for residents traveling both east/west and coming south
across the river to the Linconlway / Capital Ave interchange just west of
the site. There are no other Verizon, AT&T, or Sprint stores within 7 miles of
10% Rent No Nearby
the site, offering exclusive market share to the subject Verizon.
Increases Competition

Both of these Tenants are best in class in their respective industries.


Starbucks has an S&P credit rating of "A-2" which is amongst the best
in the industry. They are the dominant coffee provider worldwide with
29,358 300,000
25,000 (+/-) locations behind the lease, annual Revenue of $24.7 billion, Combined VPD Person MSA
a Net Income of $4.52 billion, and tremendous year-over-year sales and
profit growth over the most recent fiscal years. Verizon also has an S&P
rating of "A-2" with $131 billion in Total Revenue, Net Income of $15.5 billion
and is the 2nd largest telecom company in the world (1st in the US). Both Morning Traffic $110M Electric
industries are extremely stable and great businesses to invest in. Car Plant
On way to Penn High School Starbucks | Verizon • Mishawaka, IN 3
(+/- 3,400 Students) Just purchased nearby
Investment Highlights
Best Corner in Market
This signalized intersection is near the local grocery store, with the corner being shared by
Walgreens and CVS. This speaks to the strength of the corner. It is also a "T" intersection
with one of the area's busiest roads, Bittersweet Rd. Bittersweet is one of three bridges that
crosses the St. Joseph River in a 6 mile span, which funnels all of the local traffic right into
the subject property. The area's largest high school (Penn HS) is directly north of the river
across the bridge. This makes the subject property the ideal morning location for coffee as
parents pass by on the way to and from the school.

Dominant Market Share


Starbucks has no real competition for at least 2 miles, with the nearest McDonald's being
over 2 miles to the west with no other national coffee chains remotely nearby. Starbucks
offers better access and is closer to the rooftops. The same holds true for Verizon with no
other major cellular stores within 7 miles. Each of these Tenants can take advantage of the
29,320 people living within 3 miles with virtually exclusive market share.

Excellent Rental Increases


Each lease offers 10.00% rental increases every 5 years. This offers investors a chance to
hedge against inflation and increase property value over the long term hold period.

Sales Reporting
Verizon reports both unit level sales and corporate level financials annually, so the Landlord
will know how well the store is doing. Verizon is already open for business and doing well.
Ask broker for more details on store performance.

Best-in-Class Tenants
Starbucks is the number one coffee chain in the world and offers an "A-2" investment-grade
credit rating with $24.7 billion in annual Revenue and $4.5 billion in Net Income. Verizon
is also "A-2" investment-grade credit with $131 billion in Revenue and a $15.5 billion Net
Income.

One of the Largest Authorized Retailers in Verizon's System


Russell Cellular is the 3rd largest Verizon Wireless Premium Retailer in the country. They
operate 420+ stores across 31 states with 1,900 employees nationally. They are one of the
strongest and most desired operators in the cellular industry.

Subject Property Photos


College Town with Strong MSA
South Bend offers over 300,000 people in the local MSA. Mishawaka is right in the center
of it all. The area is anchored by superior logistics systems, a highly educated workforce,
Starbucks | Verizon • Mishawaka, IN 4
and more than 8+ Colleges and Universities, including world famous Notre Dame University.
Rent Roll
Lease Dates Rent Schedule % of
GLA % of Base Lease Lease Pro-Rata Pro-Rata Admin/ Renewal
Tenant Total
(SF) GLA Start Term (Yrs) Monthly Annual Rent/ Type (CAM) Taxes Mgmt Fee Options
Expiration Period Start End Increase Rent
Date Rent Rent SF
2/14/19 - 2/29/24 $7,707 $92,480 $42.50 -
Base
3/1/24 - 2/28/29 $8,477 $101,728 $46.75 10.00%
Option 1 3/1/29 - 2/28/34 $9,326 $111,912 $51.43 10.00% 10%
Starbucks 2,176 43.93% 2/14/19 2/28/29 10 Years 57.12% NN 43.93% 43.93% 4, 5-Yr
Option 2 3/1/34 - 2/28/39 $10,258 $123,096 $56.57 10.00% Admin Fee
Option 3 3/1/39 - 2/29/44 $11,283 $135,391 $62.22 10.00%
Option 4 3/1/44 - 2/28/49 $12,412 $148,947 $68.45 10.00%
Notes: Tenant pays Admin Fee of 10% of CAM (excluding utilities, taxes, and insurance); no Management Fee reimbursement

Lease Dates
Rent Schedule % of
GLA % of Base Lease Lease Pro-Rata Pro-Rata Admin/ Renewal
Tenant Total
(SF) GLA Start Term (Yrs) Type (CAM) Taxes Mgmt Fee Options
Expiration Monthly Annual Rent/ In- Rent
Date Period Start End
Rent Rent SF crease
1/20/19 - 1/31/24 $5,785 $69,425 $25.00 -
Verizon Base 15%
2,777 56.07% 1/20/19 1/31/29 10 Years 2/1/24 - 1/31/29 $6,364 $76,367 $27.50 10.00% 42.88% NNN 56.07% 56.07% 1, 3-Yr
Wireless Admin Fee
Option 1 2/1/29 - 1/31/32 $7,000 $84,004 $30.25 10.00%
Notes: Tenant pays Admin Fee of 15% of CAM, Taxes, and Insurance; no Management Fee reimbursement

Starbucks | Verizon • Mishawaka, IN 5


In-Place NOI
Lease Dates Base Rent Expense Recoveries
% of Total Admin Mgmt Gross
Tenant SF Leased
GLA Expiration Term Remaining Annual $/SF CAM Taxes Insurance Annual $/SF Fee Fee Income

9 Years, 11
Starbucks 2,176 43.93% 2/28/29 $92,480 $42.50 $6,260 $7,073 $1,010 $14,344 $6.59 $582 $0 $107,406
Months
9 Years, 10
Verizon Wireless 2,777 56.07% 1/31/29 $69,425 $25.00 $7,990 $9,027 $1,290 $18,306 $6.59 $2,746 $0 $90,477
Months
Total/Average: 4,953 100.00% $161,905 $32.69 $14,250 $16,100 $2,300 $32,650 $6.59 $3,328 $0 $197,883

Notes:
(1) Starbucks - Tenant pays Admin Fee of 10% of CAM (excluding utilities, taxes, and insurance); no Management Fee reimbursement
(2) Verizon - Tenant pays Admin Fee of 15% of CAM, Taxes, and Insurance; no Management Fee reimbursement

2019
Net Operating Income PSF Annual Net Operating Income PSF Annual
Income Repairs and Maintenance $0.15 $750
Base Rent $32.69 $161,905 Parking Lot Maintenance $0.35 $1,750
CAM Recoveries $2.88 $14,250 Landscaping $0.61 $3,000
Tax Recoveries $3.25 $16,100 Snow Removal $1.06 $5,250
Insurance Recoveries $0.46 $2,300 Trash Removal $0.50 $2,500
Admin Fee Recoveries $0.67 $3,328 Parking Lot Lighting & Water (utilities) $0.20 $1,000
Mgmt Fee Recoveries $0.00 $0 Total CAM Expenses $2.88 $14,250
Total Gross Income $39.95 $197,883
Expenses
CAM $2.88 $14,250
Taxes $3.25 $16,100
Insurance $0.46 $2,300
Mgmt Fee 2.50% $4,048
Total Expenses $36,698
Net Operating Income $161,185

Management fee is 2.50% of total Base Rent.

Starbucks | Verizon • Mishawaka, IN 6


Lease Abstract - Starbucks Rent Schedule
Tenant Starbucks Corporation Lease Years Exp Date Annual Rent Rent/SF % Increase
Doing Business As Starbucks
1-5 2/29/2024 $92,480 $42.50 -
Space Size ± 2,176 SF
Pro-Rata Share 43.93% 6-10 2/28/2029 $101,728 $46.75 10.00%
Lease Commencement February 14, 2019
11 - 15 (Option 1) 2/28/2034 $111,912 $51.43 10.00%
Rent Commencement February 14, 2019
16 - 20 (Option 2) 2/28/2039 $123,096 $56.57 10.00%
Lease Expiration February 28, 2029
Primary Lease Term 10 Years (See "Sales Checkpoint" below) 21 - 25 (Option 3) 2/29/2044 $135,391 $62.22 10.00%
Term Remaining 9 Years, 11 Months
26 - 30 (Option 4) 2/28/2049 $148,947 $68.45 10.00%
Rent Increases
10.00% Every 5 Years
(Primary)
Renewal Options Four, 5-Year Options (90 days' notice)
Rent Increases
10.00% Each Option
(Options)
Lease Type NN
Roof, structure, exterior, parking lot, and CAM; Tenant
Landlord Obligations
reimburses CAM
Landlord responsible; Tenant reimburses repairs but not
Roof
replacement
Landlord responsible; Tenant reimburses repairs and restriping
Parking Lot
but not replacement
HVAC Tenant responsible
Landlord maintains; Tenant reimburses pro-rata share monthly;
CAM capped 105% annual increases on actual costs (excluding
CAM insurance, taxes, snow, trash, and water); Tenant pays Admin
Fee of 10% of CAM (excluding utilities, insurance, and taxes);
Tenant does not reimburse Management Fee
Taxes Landlord pays; Tenant reimburses pro-rata share monthly
Insurance Landlord maintains; Tenant reimburses pro-rata share monthly
ROFR None
Tenant has a sales checkpoint in month 64 of the lease; if sales
for prior 12 month period are below $1,000,000, Tenant may
terminate the lease upon proof of such sales figures with 120
Sales Checkpoint days' notice and upon paying a fee of +/- $91,631 (6 full years of
rent); This would have to be a very poorly performing store to
meet that threshold as the average Starbucks does nearly 150% Representative Photo
more than this minimum threshold

Starbucks | Verizon • Mishawaka, IN 7


Tenant Summary - Starbucks
Starbucks Corporation (NASDAQ: SBUX) is an American global coffee company and Tenant Profile
coffeehouse chain based in Seattle, Washington. Starbucks was founded in 1985 as a local Tenant Name: Starbucks Corporation
coffee bean roaster and retailer and has grown into the largest coffeehouse company in
Doing Business As: Starbucks
the world. As of January 12, 2019, there were approximately 25,000 Starbucks stores open
Business Type: Retail; Quick Service Restaurant
across six continents and 74 countries and territories.
Entity Type: Public (NASDAQ: SBUX)

Starbucks locations serve hot and cold beverages, whole-bean coffee, micro-ground Credit Rating: "A-2" (S&P)

instant coffee, full-leaf teas, pastries, and snacks. Most stores also sell packaged food # Locations: 25,000 ±
items, hot and cold sandwiches, and items such as mugs and tumblers. Starbucks Evenings Financials: FYE 2018 FYE 2017 FYE 2016
locations also offer a variety of beers, wines, and small bites after 4 p.m. Total Revenue: $24.7 B $22.4 B $21.3 B
YOY Change: 10.42% 5.02% 11.24%
Many of the company’s products are seasonal or specific to the locality of the store, Net Income: $4.52 B $2.88 B $2.82 B
while Starbucks-brand ice cream and coffee are also offered at grocery stores. Through YOY Change: 56.63% 2.38% 2.19%
Starbucks Entertainment division and Hear Music brand, the company also markets books,
Net Worth: $1.17 B
music, and films.
Founded: 1985

Starbucks has a strong presence both in the U.S. and in the global marketplace due in part Headquartered: Seattle, WA

to its rapid growth over the last few decades. In the 1990s, Starbucks opened a new store Website: www.starbucks.com
every workday, a pace that continued into the 2000s. The first store outside the United
States or Canada opened in the mid-1990s, and overseas stores now constitute almost one
third of Starbucks’ stores.

Financial Analysis
As of September 30, 2018, Starbucks had an annual Revenue of $24.7 billion, a Net Income
of $4.52 billion, and a Net Worth in excess of $1.17 billion. The company currently has an
S&P rating of "A-2" which is top tier investment grade.

Company Highlights
• Annual revenue increased by 29% collectively over the past four years.
• Net income increased by over 56% for 2018 alone and has been up year over year the
past four years.
• Starbucks is one of the most financially stable and highly sought after tenants in
today’s retail marketplace.
• Coffee has been labeled by some as being "Liquid Gold" in today's financial market,
making Starbucks a very stable company to invest in. Representative Photo

Starbucks | Verizon • Mishawaka, IN 8


Lease Abstract - Verizon Wireless Rent Schedule
Tenant Russell Cellular, Inc Lease Years Exp Date Annual Rent Rent/SF % Increase
Doing Business As Verizon Wireless
1-5 1/31/2024 $69,425 $25.00 -
Space Size ± 2,777 SF
Pro-Rata Share 56.07% 6-10 1/31/2029 $76,367 $27.50 10.00%
Lease Commencement March 16, 2018
11 - 13 (Option 1) 1/31/2032 $84,004 $30.25 10.00%
Rent Commencement January 20, 2019
Lease Expiration January 31, 2029
Primary Lease Term 10 Years (See "Sales Checkpoint" below)
Term Remaining 9 Years, 10 Months
Rent Increases
10.00% Every 5 Years
(Primary)
Renewal Options One, 3-Year Option (120 days' notice)
Rent Increases
10.00% Each Option
(Options)
Lease Type NNN
Landlord maintains all exterior items; Tenant reimburses 100%
Landlord Obligations
via CAM, including capital items
Landlord responsible; Tenant reimburses all costs via CAM
Roof
(including replacement)
Landlord responsible; Tenant reimburses all costs via CAM
Parking Lot
(including replacement)
Tenant maintains and repairs; Landlord responsible for any costs
HVAC over $750/occurrence during first 60 months only; Tenant fully
responsible thereafter
Landlord maintains; Tenant reimburses pro-rata share monthly;
CAM includes Admin fee of 15% of CAM, Taxes, and Insurance;
CAM
CAM capped at 110% annual increases starting 2020 (excluding
all uncontrollables)
Taxes Landlord pays; Tenant reimburses pro-rata share monthly
Insurance Landlord pays; Tenant reimburses pro-rata share monthly
ROFR None
Tenant reports unit level sales, contract activations, and
Financial Reporting Corporate Level Income Statement and Balance Sheet upon
Landlord written request
Tenant has a sales checkpoint in month 77 of the lease; if
Activations (New and Renewals combined) for prior 12 month
period are below 150/month on average, Tenant may terminate Representative Photo
the lease upon proof of such sales figures and upon paying a fee
Sales Checkpoint of +/- $12,532; such lease would then expire in month 84 (7 full
years of rent); This would have to be a very poorly performing
store to meet that threshold as the average Verizon does over Starbucks | Verizon • Mishawaka, IN 9
150% more than this minimum threshold once contracts start to
renew
Tenant Summary – Verizon Wireless
Verizon Wireless is the largest He then grew the business and celebrated its Parent Company Profile
telecommunications company 20-year anniversary in December 2013. This
Company: Verizon Wilreless
in the United States and 2nd largest in the 20-year milestone was followed by a year of
Doing Business As: Verizon
world. Verizon owns the nation’s largest and exponential growth and record-breaking sales,
Entity Type: Cellular / Consumer Electronics
most reliable 4G LTE network and serves as a including 6 consecutive months of record sales
leading provider of communications, information from July 2014 through December 2014.  The Parent Company: Verizon Communications, Inc

and entertainment products and services to fall of 2015 ushered in the acquisition of stores Stock Symbol: VZ
consumers, businesses and governmental in the northeastern U.S to continue the growth Exchange: Nasdaq
agencies. Verizon currently services over 150 model.  Stores in New York City, and locations in Credit Rating: "A-2" (S&P)
million subscribers and maintains over 1,600 U.S. central Pennsylvania, marked Russell Cellular’s # Locations: 1,600+
retail locations, while employing nearly 150,000 easterly expansion, and its first growth into Financials: 2018 2017 2016
people. major metropolitan markets.
Total Revenue: $131 B $126 B $126 B

Verizon grew quickly in the early 2000’s, after Then in 2017, Russell Cellular entered in to Net Income: $15.5 B $30.1 B $13.1 B
acquiring several wireless phone companies and Verizon’s “Big 6”, the program for the six Stockholder Equity: $53 B
assets across the United States. In 2008, Verizon largest Verizon Authorized Retailers in the Source: Yahoo! Finance
struck a deal to buy Alltel for $5.9 billion, U.S.  This recognition provided the company Founded: 1983
making Verizon Wireless the country’s largest with the opportunity for accelerated growth in Headquartered: New York, NY
cellular network. Fortune Magazine consistently new markets, including the organization’s first
Website: www.verizonwireless.com
ranks Verizon among its top performing locations in California.  They have since grown
Tenant Profile
Fortune 500 companies. In 2018, the prestigious to #3 nationwide. The company’s future includes
Company: Russell Cellular
publication ranked the company 16th. Verizon continued growth of same store sales, as well
reported FY 2018 revenue of $130 Billion and net as new locations that strengthen the company’s Doing Business As: Verizon

income of $15 Billion. Verizon Communications nationwide partnership with Verizon. Entity Type: Authorized Retailer
Inc. currently holds an investment grade rating # Locations: 420 ±
of "A-2" from Standard and Poor’s. States Served: 31
Years in Business: 25
Russell Cellular is the 3rd largest exclusive
Employees: 1,900+
Verizon Wireless Premium Retailer in the
country, specializing in wireless communication Website: https://russellcellular.com

services. They operate 420 locations and 1,900


employees, across 31 states.

Established in December of 1993, as a home-


based business, owner Jeff Russell began as a
lone sales representative selling Alltel Wireless.
Representative Photo

Starbucks | Verizon • Mishawaka, IN 10


Location Summary
Mishawaka is a suburb of the South Bend, IN MSA and is located in northeastern
Indiana on South Bend’s east side. The MSA consists of more than 300,000 residents
and is the 4th largest MSA in the state. The current population of Mishawaka itself
is approximately 49,000 which makes it the 18th largest in the entire state. The
subject property is ideally located along Mishawaka’s main east/west commercial
thoroughfare called Lincolnway East (Highway 933), which sees 16,235 VPD.
Lincolnway connects the property to downtown South Bend 7 miles west and
downtown Elkhart (Indiana’s 17th largest city) 7 miles to the east. Lincolnway is the
primary east/west roadway local residents use in the area.

Mishawaka is a growing commercial city nestled along the St. Joseph River.
Population growth, business expansion, and record-breaking new construction
demonstrate that people want to live, work, raise their families and retire in the
Mishawaka area. The city is served by two of the largest Class I Freight Railroad
companies, Canadian National and Norfolk Southern. It is also crisscrossed by some
of the country’s largest interstate highways, Interstate 80/90 going east/west and
US Route 31 going north/south. These superhighways connect the area to Chicago
(100 miles west), Indianapolis (140 miles south), and Detroit (200 miles north). This
makes the entire South Bend area an excellent distribution hub with easy access
to all of the Midwest within a day’s drive. This is evidenced by some of the nation’s
largest shipping companies having regional offices in the area. These include FedEx,
USPS, and American International Freightways.

Mishawaka is anchored by a diverse work force including Life Science (St Joseph
Regional Medical Center), Computing and Technology (Metronet Fiber Optics
Network), Advance Manufacturing (Bayer, AM General), Agriculture (4th largest
producer of soybeans in country), Logistics (44 major national truck lines), and
International Business.

South Bend is the fourth-largest city in Indiana and the county seat of St. Joseph
County with a population of approximately 100,000 residents in itself, including
multiple collegiate campuses. It is home to Notre Dame University, Bethel College,
Indiana University South Bend, Saint Mary’s College, Holy Cross College, Goshen
Mishawaka, IN College, Ivy-Tech College, Tri-State University, and many others. The area is most
famous for Notre Dame University which is one of the most prestigious and well
Accolades respected schools in the World. The schools in the area generate substantial
revenues through tourism and taxes and have created over 5,000 jobs, making
300,000 person MSA - 4th largest in state
Mishawaka a highly educated area.
Major Logistics Center - Corporate offices for FedEx, USPS, and American International

Home to Notre Dame University - One of the most prestigious universities in the country Starbucks | Verizon • Mishawaka, IN 11

Highly educated workforce with 10+ colleges and universities in the area
N N One of four bridges to cross St. Joseph River
in seven mile span

Starbucks | Verizon • Mishawaka, IN 12


Schmucker
Middle School
(942 ± Students)

Penn High School


(3,400 ± Students)
Largest High School in Area
SF Global Plant (Formerly AM General)
700,000 SF Electric Car Assembly Plant
Just sold for $110M to SF Global
430+ Employees
$30M Investment into Key Upgrades
Only bridge with access to
area's largest high school

Bittersweet Rd (13,123 VPD)


Hw y 33

HWY 331
1 ( 11 ,7 2

Interchange
V P D) 0

Morning Traffic
Lincolnway (16,235 VPD)

N
29,320 People within 3 miles
funneling to local grocery,
high school and middle
Starbucks school
| Verizon • Mishawaka, IN 13
300,000 Person MSA
29,320 People within 3 Miles
Local High No Cell Stores for 7 Miles
School and Closest coffee competitor is McDonald's > 2 miles away
Middle School

Martin's
Paw Mart

Martin's Super Market


Gas

Bittersweet Rd (13,123 VPD)


City Wide Patrick
Liquors Metals

All Star
Carwash

Lincolnway (16,235 VPD)


Highway 331
Interchange

Kendall Aluminum
Electric Metals

Starbucks | Verizon • Mishawaka, IN 14


Site Plan

Bittersweet Rd (13,123 VPD)


Lincolnway (16,235 VPD)

4,953 SF Building
2.94 Acres

Starbucks | Verizon • Mishawaka, IN 15


Building Ground Shots

Starbucks | Verizon • Mishawaka, IN 16


Demographics
Population 1 mile 3 miles 5 miles

2018 Population 4,589 29,320 83,437

2023 Population 4,605 29,473 85,488

2010-2018 Annual Rate 0.06% 0.06% 0.27%

2018-2023 Annual Rate 0.07% 0.10% 0.49%

Households 1 mile 3 miles 5 miles

2018 Total Households 1,910 11,228 33,800

2023 Total Households 1,916 11,288 34,816

2010-2018 Annual Rate 0.09% 0.12% 0.31%

2018-2023 Annual Rate 0.06% 0.11% 0.59%

Household Income 1 mile 3 miles 5 miles 1 MILE

2018 Average Household Income $72,852 $73,198 $63,333

2018 Median Household Income $56,007 $58,204 $49,776


3 MILES

5 MILES

29K $73K
population avg. HH inc.
(3 miles) (3 miles)

Starbucks | Verizon • Mishawaka, IN 17

Source: Esri, 2019


Offered Exclusively by

Tom Fritz
Senior Director

going beyond
tfritz@stanjohnsonco.com
+1 312.777.2445
IN Lic. #RB14048630

Brandon Duff
Regional Director
bduff@stanjohnsonco.com
+1 312.240.0162

Mackenzie Wolfgram
Associate
mwolfgram@stanjohnsonco.com
+1 312.777.2454

Matt Spangenberg
Associate Director
mspangenberg@stanjohnsonco.com
+1 312.777.2442

Stan Johnson Company


303 East Wacker Drive | Suite 1111
Chicago, IL 60601
+1 312.240.0127 | F: +1 312.240.0158

stanjohnsonco.com

The information contained herein was obtained from sources believed reliable, however,
Stan Johnson Company makes no guaranties, warranties or representations as to the
completeness thereof. The presentation of this property for sale, rent or exchange is
submitted subject to errors, omissions, change of price or conditions, or withdrawal
without notices.

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