Net Leased Starbucks Sold in Chicago MSA

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Dollar General located at 1835 East Belvidere Road in Grayslake, Illinois for $2,825,000.

The 2,278-square-foot building benefits from its location in Grayslake, a northern suburb of Chicago. The property is positioned near the intersection of Belvidere Road and US Highway 45, which see a combined traffic volume of 67,000 vehicles per day. The property is situated near College of Lake County, located less than a five-minute drive away, where 17,600 students were enrolled in 2023. The surrounding area contains over 134,000 residents living within a five-mile radius. Furthermore, the three-mile radius boasts an affluent population with an average household income of $162,044.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest based developer, and the buyer was a private investor from Illinois.

Starbucks Corporation (NASDAQ: SBUX) is an American global coffee company and coffeehouse chain based in Seattle, Washington. Starbucks was founded in 1985 as a local coffee bean roaster and retailer and has grown into the largest coffeehouse company in the world. Starbucks is an investment grade rated company with a Standard & Poor’s rating of BBB+.

“New construction properties with long term leases to investment grade tenants with rental escalations are the most sought-after net lease product” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman of The Boulder Group, added, “The buyer was drawn to this deal due to Starbucks’ rare self-maintaining lease.”

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