Northbrook, IL – November 11, 2016 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Starbucks property located at 630 Northwest Highway in Cary, Illinois for $1,650,000.
The new construction 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. Additional retailers located in the immediate trade area include Walgreens, ALDI, US Bank, Chase Bank, Fifth Third Bank, AutoZone, O’Reilly Auto Parts, McDonald’s and Taco Bell.
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’s Rating of A-.