The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Starbucks property located at 630 Northwest Highway in Cary, Illinois for $1,650,000.<\/p>\n
The new construction net lease Starbucks property is strategically located along Northwest Highway which is the primary thoroughfare in the trade area. The Starbucks is strategically positioned as an outparcel to a Jewel-Osco grocery anchored center. The Jewel Osco center features a Dunkin Donuts that does not have a drive thru and is significantly out-positioned by the subject freestanding drive thru Starbucks.\u00a0 Additional retailers located in the immediate trade area include Walgreens, ALDI, US Bank, Chase Bank, Fifth Third Bank, AutoZone, O\u2019Reilly Auto Parts, McDonald\u2019s and Taco Bell.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private partnership. The purchaser was a private west coast based real estate partnership.<\/p>\n
The new Starbucks lease is for ten years and rent commenced in October 2016. The Starbucks lease features four 5-year renewal option periods with 10% rental escalations in each. Starbucks is an investment grade rated tenant with a Standard & Poor\u2019s Rating of A-.<\/p>\n
\u201cSingle tenant Starbucks properties continue to be in great demand with private investors.\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cProperties with corporately guaranteed leases and rental escalations throughout remain at the forefront of investor demand because they provide investors with an inflationary hedge.\u201d<\/p>\n
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