Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in a new-construction Starbucks (the “Property” or “Asset”) located in Chicago, Illinois. The Property is leased to Starbucks, the largest specialty coffee retailer in the world with over 33,800 locations and an investment-grade credit rating of ‘BBB+’. The subject Property is a Starbucks Community Impact Store, a mission-critical concept to Starbucks’ national and local expansion efforts. This Starbucks concept is instrumental to Starbucks’ and local government’s long-term vision for the community, one of just three in the Chicago MSA and one of less than ~30 nationally.
Starbucks operates on a double-net lease structure that features ten years of primary lease term, ten percent rental increases every five years, minimal landlord responsibilities, and four five-year renewal options. Sitting at a hard-corner intersection that sees 49,000 VPD, the Property is situated in a prime retail corridor with nearby interstate access, benefitting from its positioning as an outlot to a Jewel Osco grocery store. Of the 182 Jewel grocery stores in the state of Illinois tracked by Placer.ai Data, the anchoring Jewel location ranks in the top 29%, indicative that the Property benefits from a highly trafficked anchoring retailer seeing 890,000 annual visitors. The Jewel store has been successfully operating at the location for over 30 years, and recently underwent a full renovation. This Offering presents the opportunity to acquire a newly constructed Starbucks Community Impact Store at an infill hard-corner in Chicago, IL, with a fresh 10-year lease, positioned as an outlot to a long-operating Jewel Osco.
- Investment Grade Tenancy (S&P: BBB+)
- Brand New Construction With 10-Year Lease
- NN Lease Structure - Minimal Landlord Responsibilities
- 4 x 5-year Renewal Options With Attractive Rental Increases
- Hard Corner Location (49,000 VPD) In The Chicago, IL MSA
- Highly Trafficked Retail Corridor - Jewel-Osco Outparcel
- Starbucks Community Impact Store