The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Starbucks located at 75 Street and Lemont Road in Woodridge, Illinois for $2,245,000.
The 2,400 square foot building benefits from its location along Lemont Road (30,600 VPD), which is a primary north–south thoroughfare. This is a relocation site within Woodgrove Festival Shopping Mall with tenants such as Shoe Carnival, Yankee Candle, Panera Bread, Five Below, Carrabba’s, and Jameson’s Charhouse. Other tenants in the area include Chase Bank, Petco, The Great Escape, The Room place, Best Buy, Dollar Tree, Ross, X-sport Fitness and many more. The location is also within close proximity to Interstate 355 (121,600 VPD). There are over 229,000 people living within five miles of the property earning an average annual income of $125,415. This property is located within the Chicago MSA.
Jimmy Goodman and John Feeney of The Boulder Group represented both sides in the transaction. The buyer was a Midwest based real estate investor and the seller was a Midwest based real estate firm.
Starbucks has 10 years remaining on their lease with four 5-year renewal options. There are 10% rental escalations every five years. Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington.
“New construction properties with investment grade rated tenants, like Starbucks, are a in demand” said Jimmy Goodman, Partner of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group added, “The relocation of this Starbucks displays the need for a drive-thru in the dominant retail corridor.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar.
The Boulder Group is headquartered in suburban Chicago: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States